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Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
(16-06-2015 08:39 AM)Vanessa Warwick Wrote: UKAR's mission is to maximise value for the taxpayer, whilst serving our customers well...
Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing SuccessLearn more at http://www.completepropertysuccess.co.uk
I also post property updates on my Facebook Page
"It is the small decisions you and I make every day that shape our destiny" Anthony Robbins
Another £13bn gone
This time to Cerberus in a pretty complex deal; one can only wince at the thought of the professional fees involved on both sides https://www.ukar.co.uk/media-centre/press...015?page=1
also, the BBC is reporting that TSB is buying some of the loans from Cerberus https://www.bbc.co.uk/news/business-34806370
as a taxpayer, I can only hope that Cerberus hasn't found a way to make money on that part of the deal that UKAR should have / could have captured
Lisa All comments are for education and information purposes only and do not construe as advice or a financial promotion. No liability is accepted for comments made. If you wish to receive information in an advisory capacity then please contact me about becoming a client. www.keys-mortgages.com
The record-breaking £13 billion sale of former Northern Rock mortgages completed on the 5th May as the government received the final £520 million from Cerberus.
The mortgages, which were originally owned by Northern Rock and were acquired by the government during the financial crisis, were sold by UK Asset Resolution UKAR to Cerberus.
The sale, authorised by the Chancellor and announced on 13 November 2015, is the largest ever financial asset sale by a government in Europe and means that the government has exited over 85% of the assets of the former bank.
UKAR sold the portfolio of mortgages for £280 million more than their book value. In a statement, the government says it is 'clear' that taxpayers will get back more money from Northern Rock than they were forced to put in during the financial crisis.Full/source story
Can't see how the Govt works out they get back more than they put in
Did the Govt pay the bailout funds interest free!?
I think they did
Therefore UKAR has received a free Govt loan paid for by you and me!
Does this include the Mx one's?