Virgin Money agrees to buy £465m mortgage book from UKAR
Virgin Money has agreed to acquire £465 million of high quality NRAM (Northern Rock Asset Management) mortgage assets from UK Asset Resolution (UKAR), the holding company for NRAM and Bradford & Bingley.
The bank will be contacting the customers affected to advise them they that will be moving closer to the transfer date, which is expected to be before the end of the year. The acquisition does not change Virgin Money’s organic growth plans or its stated target of providing £45 billion of new lending between 2012 and 2017. It also does not change their 3+month arrears position of the Virgin Money mortgage book, which stands at 0.31%.
Jayne-Anne Gadhia, Chief Executive of Virgin Money said: “This is an excellent acquisition for us. It is sensible deployment of some of our excess liquidity and allows us to grow our mortgage book with high quality mortgages. UKAR has confirmed that it intends to use the proceeds of the acquisition to further repay their government loan.
July 27, 2012
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