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Computershare to administer £5.3bn of mortgages sold to Barclays investor group
31 May, 2018
Computershare Loan Services will continue to administer 45,000 Bradford & Bingley mortgages transferring from UK Asset Resolution (UKAR)
UKAR announced the sale of two portfolios of buy-to-let and residential owner-occupied mortgages to the investment group led by Barclays in April.
The sale will enable total loan repayments of £5.3bn to the Treasury, which includes the remaining £4.7bn of the Financial Services Compensation Scheme (FSCS) loan. That followed the repayment of £10.9bn in 2017 and means that the £15.65bn FSCS loan extended to Bradford & Bingley when it was nationalised in 2008 will be repaid in full.
Computershare Loan Services was appointed by UKAR to service the mortgages of NRAM, Bradford & Bingley and Mortgage Express from June 2016, and has announced that it will continue to provide full administration services to the new owners.
The sale is based on the portfolio position as at 30 September 2017, from which point the purchaser will acquire the risks and rewards of ownership of approximately 45,000 Bradford & Bingley and Mortgage Express mortgages.
UKAR confirmed there will be no changes to the terms and conditions of the loans for customers.
Computershare will provide a range of administration services, acting as legal title holder, master servicer and long-term servicer for all the assets. It is the UK’s largest third-party mortgage servicer, managing £59bn in assets.