Home Business NewsBusiness Buy-to-let mortgages from Bradford & Bingley sell for £11.8bn

Buy-to-let mortgages from Bradford & Bingley sell for £11.8bn

31st Mar 17 9:20 am

This is what you need to know about the deal…

The government has sold buy-to-let mortgages which belonged to failed Bradford & Bingley for a whopping £11.8bn.

Insurance firm Prudential and investment firm Blackstone have come together to buy the loans.

The government took on these mortgages from the firm after rescuing the lender in 2008.

Chancellor Philip Hammond said in a statement: “The sale of these Bradford & Bingley assets for £11.8bn marks another major milestone in our plan to get taxpayers’ money back following the financial crisis,”

“We are determined to return the financial assets we own to the private sector and today’s sale is further proof of the confidence investors have in the UK economy.”

The deal is one of the biggest asset sales by a European government.

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