UK Asset Resolution (UKAR), which holds the toxic assets of former lenders Bradford & Bingley and Northern Rock, repaid £4bn to the taxpayer during 2012.
This figure was considerably up on UKAR's 2011 repayment of £2.8bn with the organisation selling £465m of residential mortgages to Virgin Money during the year. This left UKAR with 587,000 mortgage accounts at the end of 2012, down from 638,000 a year earlier. The average loan-to-value of these mortgages is 75%. The former Northern Rock mortgages are 89% residential and 11% buy-to-let, while its ex-Bradford & Bingley loans are 35% residential and 65% buy-to-let. It said the number of its mortgages in arrears of three months or more had fallen by a quarter from 33,216 to 25,581. Thi...
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