Mortgage Express loan book sale by UKAR?

by Property 118

14:57 PM, 27th February 2017
About 2 years ago

Mortgage Express loan book sale by UKAR?

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Mortgage Express loan book sale by UKAR?

It has been reported that Blackstone Group LP and Prudential Plc have been selected as the preferred buyers of Bradford and Bingley, which includes Mortgage Express, by the government owned UK Asset Resolution (UKAR).hot potato

The acquisition by Balckstone and the Pru insurers is for £12.5 billion of mortgage lending of which 70% is Buy to Let lending

UKAR said in a statement on Saturday, “this process is confidential and we are contractually obliged to maintain that confidentiality.” Blackstone and the Pru have also declined to comment on the report first released by Bloomberg.

Selling the loan book, which includes £3 billion of under performing accounts, will cut UKAR’s assets to around £24 billion resulting in an 80% reduction the government owned balance sheet since it first took on mortgages from Bradford and Bingley and Northern Rock in 2010. Cerberus purchased £13 billion of Northern Rock mortgages in 2015.

Chancellor of the Exchequer Philip Hammond restarted the sale process in October after putting it on ice following the Brexit vote in June last year. Hammond is continuing George Osborne’s work to dispose of banking assets acquired during the credit crisis of 2008.

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Comments

Richard Mann

10:47 AM, 28th February 2017
About 2 years ago

Well, I'm sure it's just a question of time before anyone with an MX mortgage gets a letter in that case.

They will be eyeing up the " opportunities " that the beaten and downtrodden private landlords represent with a new set of legal advisers.
Portfolio landlords be on guard for the next waive of assault.
Why would anyone buy an under performing portfolio of assets ?
Unless... therein lies the opportunity to hike up rates, force sales, or something else ?

Watch out for the small print.

Mark Alexander

10:50 AM, 28th February 2017
About 2 years ago

Reply to the comment left by "Richard Mann" at "28/02/2017 - 10:47":

Not if they only pay X pence in the pound.
.

Chris Novice Shark Bait

11:12 AM, 28th February 2017
About 2 years ago

Will we ever know? These confidential deals are most unhelpful. I can confidently state that M.E. has received compensation in relation to one of my badly sold mortgages under a none disclosure settlement and never reduced my payments by the received amount. Will that piece of history be disclosed to the new buyers I wonder. Does anyone know?

Richard Mann

11:21 AM, 28th February 2017
About 2 years ago

Reply to the comment left by "Mark Alexander" at "28/02/2017 - 10:50":

I always think, gut feeling, I should say that because these deals are " high level" out of the public eye that where ever there is a government minister involved be assured that our " best interests " are always at the heart of the negotiations.
A few lunches and chauffeur car "expenses" will be tacked into the deal too.
Taxpayers eh! Friendly lot are we not

Mark Alexander

11:45 AM, 28th February 2017
About 2 years ago

Reply to the comment left by "Chris Novice Shark Bait" at "28/02/2017 - 11:12":

The eventual sale and price will be a matter of public record. If it is not publicised we will have the right to demand disclosure under the Freedom of Information Act on the basis that tax-payers money was used to bail out Bradford & Bingley.
.

Dr Rosalind Beck

8:44 AM, 31st March 2017
About 2 years ago

Reply to the comment left by "Mark Alexander" at "28/02/2017 - 11:45":

Hi Mark. I have just heard that the sale has been confirmed.


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