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.


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.


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


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 rise at treasury-owned 'bad bank' UKAR

Profits have risen at UKAR, the Treasury-owned organisation set up to take on the unwanted mortgage book from Northern Rock and Bradford and Bingley, by £186m, according to figures released today.