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Rothesay Life buys up UK bad bank mortgages

An £860m mortgage portfolio held by collapsed lenders Bradford & Bingley and Northern Rock has been bought by Rothesay Life.

The government announced this morning that a “highly competitive auction” had resulted in Rothesay picking up the debts, which moves the government further along in the process of finally winding down the lenders that failed in the wake of the financial crisis.

The government will still have to field costs as it unwinds interest rate swaps related to the mortgages, but will use the remaining proceeds to reduce the national debt.

The government says the deal “marks a milestone in the plan to recover taxpayers’ money ten years on”.

Lehman Brothers collapse: Could history repeat itself?

The sale was managed by UK Asset Resolution, the state-backed company set up to house bad loans. The company still holds around £13bn in assets following the deal.

The sale to Rothesay Life includes equity release loans and around 6,200 mortgages. None of the terms and conditions on the mortgages will change.

The back-book consolidator continues to purchase assets after picking up billions of pounds of annuities from major insurers like Prudential, MetLife and Aegon in recent years.

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