UKAR appointed by the Government to administer the Help to Buy: mortgage guarantee scheme
27 Jun 2013
UK Asset Resolution (UKAR) today confirms that it has been appointed by the Government to administer the new Help to Buy: mortgage guarantee scheme. Under the terms of agreement, UKAR will be responsible for the day to day administration of the scheme on behalf of HM Treasury. The Chancellor will retain overall responsibility for the Help to Buy scheme.
Richard Banks, Chief Executive Officer of UKAR, commented, “I am pleased that the Government has appointed UKAR to administer the new Help to Buy: mortgage guarantee scheme. We look forward to working with HM Treasury as details of the scheme are finalised over the coming months.”
NOTES TO EDITORS
UK Asset Resolution Limited (UKAR)
UKAR was established on 1 October 2010 to facilitate the orderly management of the closed mortgage books of both Bradford & Bingley (B&B) and Northern Rock Asset Management (NRAM) to maximise value for taxpayers. The Executive team of UKAR manages both organisations focusing on this common objective, while ensuring that both companies continue to treat customers fairly, deliver consistently high levels of service and support those customers facing financial difficulty.
The administration of the Help to Buy: mortgage guarantee scheme by UKAR will have no impact on the financial position of B&B and NRAM.
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UK Asset Resolution Ltd ("UKAR") announces that Ian Hares, Finance & Investment Director, has been appointed to the Boards of UKAR, Bradford & Bingley plc and NRAM plc with effect from 8 July 2014.
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As announced on 14 November 2013 Lady Louise Patten stepped down from the Boards of UKAR, B&B and NRAM on 31 December 2013.
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