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B&B arrears fall while NRAM arrears increase

Arrears at Bradford & Bingley fell by 16 per cent in the first six months of the year while Northern Rock Asset Management’s arrears increased by 6 per cent over the same period.

The number of mortgages in arrears of three months or more fell from 13,096 to 10,956 for B&B while arrears at NRAM increased from 25,419 to 27,010 since December.

UK Asset Resolution today issued the half-year results for B&B and NRAM, with both firms seeing their profits increase substantially.

B&B’s underlying pre-tax profit for the first half of the year was £152m, up from £83.6m in the first half of last year. NRAM reported underlying pre-tax profits of £344.1m, up from £181.8m at the half way mark last year.

B&B and NRAM received £800m and £2.5bn in redemption payments respectively.

UKAR chief executive Richard Banks says: “Our aim is to maximise value for the taxpayer and we have accelerated the repayment of Government debt with a further £1bn repaid in the first half of 2011.  Arrears at NRAM are beginning to stabilise whilst arrears at B&B continue to reduce. However, we remain cautious about the future as there is continuing pressure on household finances.”

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