UKAR announces completion of £13 billion sale of former Northern Rock mortgages

In November last year UK Asset Resolution Limited (UKAR) agreed to sell £13 billion of former Northern Rock Mortgages to Cerberus Capital Management LP (Cerberus).

Today the Government receives the final £520 million from Cerberus as part of the sale completion process. This sale represents value for money for the tax payer and following its completion the government will have exited over 85% of former Northern Rock.