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UKAR 'expects to repay £38.8bn debt in full'

UKAR, the Treasury-owned company set up to wind down the mortgage books of failed lenders Northern Rock and Bradford & Bingley, says the Government should get back £38.8 billion it is still owed.

The company has already repaid £10.4 billion since 2010, including £5.1 billion in the 15 months up to March 31st of this year.

Announcing the positive results, UKAR said: "A lot of good work has been achieved to date and we expect to repay the remaining £38.3 billion debt in full."

The company said rising housing prices coupled with low interest rates had been "good news for out customers".

Read: Profits rise at treasury-owned 'bad bank' UKAR

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UKAR has repaid £10.4 billion to taxpayers

UKAR, the Treasury company set up to wind down the unwanted mortgage books of Northern Rock and Bradford & Bingley, has now returned £10.4 billion to British taxpayers.

ITV News Business Editor Joel Hills is following developments.

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UKAR has repaid £10.4 billion to taxpayer since formed in 2010. £38.3 billion to go.

However, the group has also warned that some Northern Rock and Bradforrd & Bingley customers may not be able to pay back their mortgages if interest rates go up.

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UKAR says "a proportion" of customers "will struggle to maintain their mortgage repayments" if interest rates rise "significantly."

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Note that 46% of 520,000 of UKAR mortgage accounts currently only paying interest on mortgage. ie Can't afford to repay loan itself.

Read: Profits rise at treasury-owned 'bad bank' UKAR

Profits up at taxpayer-owned UKAR

Profits have risen at UK Asset Resolution, the company set up by the Treasury to take on the unwanted mortgage book from Northern Rock and Bradford & Bingley.

ITV News Business Editor Joel Hills is following developments.

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Bad bank doing rather well. UKAR (N Rock + B&B's unwanted mortgage book) posts profit of £1,259m for year to 31 March 2014, up £186m.

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The total number of NR and B&B mortgage accounts three or more months in arrears fell 39% to 15,483 in last 12 months.

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93% of UKAR's 529,000 mortgage accounts up-to-date with payments. Thanks to "more positive housing market and improving economic outlook".

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