Written question asked by Earl of Lytton (Crossbench) on Wednesday, 18 December 2024, in the House of Lords. It was due for an answer on Monday, 6 January 2025. It was answered by Lord Livermore (Labour) on Monday, 6 January 2025 on behalf of the Treasury.

UK Asset Resolution: Mortgages

Question: To ask His Majesty's Government how many residential mortgages were handled by or on behalf of UK Asset Resolution in each 12-month period beginning with 1 July 2017; for each period what were (1) the number of compulsory repossessions and sales of underlying security; (2) the average surplus or shortfall realised upon sale of a security as a percentage of the stated mortgage acquisition cost; (3) the number of mortgagors against whom action was initiated after a sale to recover a shortfall in proceeds; and (4) the average administrative costs charged to mortgagors in respect of the combined property repossession, forced sale, and debt recovery processes.

Answer: UK Asset Resolution (UKAR) sold its former subsidiaries (Bradford and Bingley and NRAM, formerly part of Northern Rock) and the remaining mortgage assets of those subsidiaries in 2021. As a result neither UKAR nor HM Treasury can directly access the relevant account level data that is required to answer these questions. This data is owned by UKAR’s former subsidiaries.

Secondary information