Emergency ‘bank’ overseeing Northern Rock and Bradford & Bingley mortgages ‘treating landlord borrowers unfairly’

The emergency ‘bank’ set up by Government to oversee the mortgages originally lent by Northern Rock and Bradford & Bingley is treating landlord borrowers unfairly, it is claimed. A number of large borrowers allege that heavy-handed actions by UK Asset Resolution is leading to widespread tenant evictions, business failures and the sale of thousands of properties at depressed prices.

UKAR’s function is to wind down the £77 billion mortgages it took on in 2008 after the failure of Northern Rock and B&B, among others. Its objective is to claw back for taxpayers some of the billions used in the bailouts.

But landlords claim taxpayers are losing out, along with everyone else, as UKAR puts thousands of properties into receivership, fails to maintain them and ultimately sells them for less than their market value.

Read the full article here Emergency ‘bank’ overseeing Northern Rock and Bradford & Bingley mortgages ‘treating landlord borrowers unfairly’