Northern Rock was nationalised and taken into Government ownership in February 2008 and was then restructured into two legal entities on 31 December 2009 – Northern Rock plc and Northern Rock (Asset Management) plc). Since 16th May 2014 Northern Rock (Asset Management) has been known as NRAM plc.

The management and control of NRAM was integrated with B&B under UKAR on 1 November 2010.

On 13 November 2015 UKAR agreed to sell a £13bn asset portfolio from the legacy book of NRAM to affiliates of Cerberus Capital Management LP (Cerberus).

On 30 April 2016, the assets and liabilities not included in the sale transferred from NRAM plc to a newly established subsidiary of UKAR – NRAM (No.1) Limited. On 18 July 2016, NRAM (No.1) Limited became known as NRAM Limited.

On 5 May 2016 Cerberus acquired NRAM plc as part of the sale completion process.

There is no change to the structure of UKAR’s other subsidiary businesses, Bradford & Bingley, Mortgage Express or UKARcs, as a result of this transaction.

For company information about NRAM Limited click here, or for information on supporting customers and mortgage intermediaries please visit the NRAM customer website.

Bradford & Bingley and Mortgage Express

On 29 September 2008, all of B&B retail branches and its savings accounts were transferred to Abbey. The remainder of the business, including the mortgage books of Bradford & Bingley and specialist lending arm Mortgage Express, were nationalised and taken into public ownership by the Government.

B&B is permanently closed to new lending, but continues to provide services to existing mortgage borrowers. The management and control of B&B was integrated with NRAM under UKAR on 1 November 2010.

UKAR Corporate Services

On 8 October 2013 UKAR Corporate Services Limited (UKARcs), a subsidiary business of UKAR, became responsible for the administration of the Government's Help to Buy Mortgage Guarantee Scheme on behalf of HM Treasury. On 1 December 2015 UKARcs also became responsible for the administration of the Government's Help to Buy ISA Scheme on behalf of HM Treasury.

The UKARcs website provides information specifically for lenders, including key features of the scheme, details of the lender registration process and a portal for registered members to access key documentation relating to the Scheme. UKARcs does not offer any services directly to borrowers.

UK Financial Investments Ltd

UK Financial Investments Limited (UKFI) was set up on 3 November 2008 to manage the Government's investments in financial institutions including the Royal Bank of Scotland (RBS), LloydsTSB/Halifax Bank of Scotland (LBG), NRAM and B&B.

HM Treasury

HM Treasury is UKAR and its subsidiary businesses' single shareholder.

The Financial Conduct Authority (FCA) is the regulator of the financial services industry in the UK. Both B&B and NRAM (No. 1) are individually authorised and regulated by the FCA.

^ Top of Page