£13bn mortgage sell-off completed

£13bn mortgage sell-off completed

The government has announced it has completed the sale of former Northern Rock mortgages.

The ‘record-breaking’ £13bn sale was completed after the government received the final £520m from Cerberus as part of the conclusion of the sale.

The sale is said to be the largest ever financial asset sale by a government in Europe and it will allow taxpayers to get more money back from Northern Rock than they were forced to put in during the financial crisis.

“Today marks another major milestone in clearing up the mess left by the financial crisis, with the government completing the sale of former Northern Rock mortgages,” Harriett Baldwin, Economic Secretary to the Treasury stated.

A key consideration for UK Asset Resolution in selecting Cerberus as the successful bidder was the treatment of customers.

As a result, there will be no changes to the terms and conditions of the mortgages sold, meaning customers do not need to take any action.

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