UKAR was tasked with winding down £75bn of mortgages held by the former Bradford & Bingley, Mortgage Express and the ‘bad bank’ of Northern Rock, all of which were bailed out by the UK taxpayer.

The sale, affecting 27,000 mortgages comprises  mortgages secured on residential property assets in the UK.

The sale will not affect the terms and conditions of the mortgages in this portfolio and the 27,000 customers impacted will be contacted directly by B&B, NRAM or MX and the new lender at the point at which servicing responsibility transfers.

This action forms part of UKAR’s ongoing process to manage down the closed mortgage books of both B&B and NRAM whilst maximising value for the taxpayer.