Richard Burgon – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Richard Burgon on 2015-12-03.

To ask Mr Chancellor of the Exchequer, what steps the Government has taken to ensure that former Northern Rock mortgage holders will not be disadvantaged by the sale of UK Asset Resolutions’ Granite Portfolio to Cerberus.

Harriett Baldwin

A key consideration in the selection of the successful bidder was the continued fair treatment of customers. Cerberus was selected following a thorough due diligence process, and like any buyer, remains subject to the regulatory oversight of the Financial Conduct Authority; including the requirement of Treating Customers Fairly.

Day-to-day management of the assets within the Granite portfolio will remain with the mortgage servicing arm of UK Asset Resolution, and there will be no changes to the terms and conditions of the mortgages involved in the transaction.