UK Asset Resolution Ltd (UKAR) was established in 2010 to manage the orderly wind down of the Government owned businesses of NRAM Ltd (NRAM), Bradford & Bingley (B&B), Mortgage Express (MX) and their respective subsidiaries (“the companies”). 

UKAR’s objective was to develop and execute an investment strategy for disposing of the Government’s underlying investments in the companies in an orderly and active way.  This was within the context of protecting and creating value for the taxpayer as shareholder, acting in a way that promoted competition, and treating customers fairly.

To achieve its objectives, UKAR implemented a cost effective and efficient integrated model for the companies.  In accordance to the State Aid agreement with the European Commission, the companies were unable to offer any new mortgage deals. To support customers and optimise redemptions, options were made available to help customers move to other lenders including waiving all early redemption charges, the provision of online tools to help customers search the market and offering referrals to specialist brokers, whereby any fees were waived.

In 2016, the mortgage servicing operations of the companies were transferred to Computershare. This was an important step which allowed UKAR to continue to focus on achieving its overarching objective, whilst ensuring continuity of service to customers.

As a result of customer redemptions and asset sales, by April 2019 UKAR had fully repaid the Government loans given to the companies totalling £48.7bn.  Both companies continued to be owned by the Government on behalf of the taxpayer until 2021 when UKAR achieved its ultimate objective through the sale of the companies, along with their remaining assets.

UKAR remains in Government ownership and is wholly owned by HM Treasury (HMT) whose shareholding is managed by UK Government Investments (UKGI).  It is responsible for meeting contractual obligations to the buyer of the companies and managing the remaining liabilities and other strategic matters arising out of the Government’s ownership of those companies and their respective subsidiaries. UKAR has no employees and outsources the majority of this work to PricewaterhouseCoopers LLP (PwC).

If you are, or were previously, a customer of NRAM Ltd, Bradford & Bingley or Mortgage Express, these businesses are no longer owned by UKAR.  Responsibility for any past or present relationships remains with those companies and you can find out how to contact them by clicking the links below.

Visit the Bradford & Bingley website Visit the NRAM website

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