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Government bailout money for Northern Rock finally repaid

UK Asset Resolution has sold two mortgage portfolios to Citi, meaning that the taxpayer-funded loan of nearly £50bn extended to help ease the impact of the financial crisis will soon be repaid to the treasury.

UKAR was formed nearly a decade ago to hold loans extended by Northern Rock and Bradford & Bingley, which were both nationalised as the financial crisis took hold.

It has been selling bundles of mortgage loans to private equity buyers since, with the last two packages going for £4.9bn.

The holding company says that there will be no changes to the terms and conditions of these latest to be sold, totalling around 66,000 owner-occupier loans, and that borrowers’ ability to remortgage will not be affected.

UKAR chief executive Ian Hares comments: “This is a significant step in the reduction and simplification of our balance sheet.

“We are now focussed on releasing the government from its remaining investment in NRAM and Bradford & Bingley plc.”

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