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UK Asset Resolution to shut Newcastle office

  • 07/12/2011
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UK Asset Resolution, the closed mortgage administration company tasked with winding down Northern Rock (Asset Management) (NRAM)and Bradford and Bingley's mortgage books, confirmed the closure of its Newcastle office.

The cost-cutting measure will affect 700 staff at its Gosforth office, most of which will be offered relocation to Sunderland or West Yorkshire.

Staff will be relocated and the office closed by mid-2013, by which time UKAR estimates its mortgage book will have reduced by 25% since the closed mortgage lender was set up in October 2010.

UKAR said the move will have no impact on customer service or borrowers.

The firm was established to encourage its residential and buy-to-let mortgage borrowers to either pay down their loans or remortgage away to recoup tax payer cash after the bail out of Northern Rock.

It came after Northern Rock was nationalised and then restructured into two separate entities – Northern Rock plc, which was sold to Virgin Money in November, and Northern Rock (Asset Management).

UKAR chief executive Richard Banks, said our duty is to deliver value for money for our owner, the UK taxpayer.

“The loss of some jobs is regrettable but we will work hard with colleagues and the union to relocate people where possible and offer support to those colleagues affected.”

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