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  • Mortgages & Finance

    UK Asset Resolution/

    I have been looking this evening for any threads concerning Mortgage Express and UK Asset Resolution, anyone any ideas please?

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    Seemingly Alistar Darling and the UK Gov basically gave the mortgage book of Northern Rock to Sir Richard Branson for nothing really, along with support from Donals Trumps right hand man,there is an audit report on the net about this.

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    Seemingly Alistar Darling and the UK Gov basically gave the mortgage book of Northern Rock to Sir Richard Branson for nothing really

    Completely incorrect.

    Northern Rock's assets were split into a "good bank" and a "bad bank".

    Some of the "good bank" assets were sold to Virgin Money.

    The "bad bank" assets including Northern Rock, Bradford and Bingley (MX) were transferred into UKAR who's sole aim is to recover as much taxpayers money as possible from the money pumped in to bail out the banks.
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    Hello John have you read the Audit report concerning the sale of northern rock, and what Richard Branson paid for the good bank please? thanks Mark

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    My understanding is Virgin Money paid £747 million plus a further £73 million later on.

    I haven't read the document you refer to.
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    Hello John A thanks for that, according to the National Audit Office the sale of Northern Rock was 13 Billion.New Owners Virgin Money Sir Richard Branson.

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    I think 13 billion was the size of their loan book rather than the sale price.
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    thanks JohnA.


    still eye watering business,to say the least,

    747 million + 73 million = 820 million for a mortgage book of 13 Billion!?


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    Pretty standard practice.

    For example you could have a business with a turnover of a million pounds, but that doesn't mean the business is worth a million pounds to a buyer, you would look at balance sheet and EBITDA etc.
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    pretty standard practice?


    I was looking JohnA at comparable property assets in the UK and seemingly I could be wrong and most probably an underestimate but the Queens welath is said to be 13 billion, or am I wrong?

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