UK Asset Resolution Limited (UKAR) has confirmed the final stage of the sale of a £13bn asset portfolio to affiliates of Cerberus Capital Management LP has taken place.
Legal title of the mortgages and loans included in the sale have been transferred and all customers affected by the transaction are being contacted by the relevant companies to update them on the change of ownership.
Whistletree, a trading name of TSB Bank plc, is the new home for the assets.
UKAR has also changed the name of NRAM (No. 1) Limited to NRAM Limited. Separately NRAM plc has been renamed Landmark Mortgages Limited.
Padraig Carton, customer service operations director, said: “We are delighted to welcome these customers to Whistletree from today. Whistletree will provide a secure, long-term home for these mortgages and loans based in the UK.
“Supporting hardworking people and helping local communities right across Britain to thrive is absolutely at the heart of what TSB was set up to do. Whistletree is a natural extension of this.”
The terms and conditions of the existing loan agreements will remain unchanged. Customers transferring to Whistletree are being informed by letter this week with full details of what action, if any, they need to take.
UKAR was established on 1 October 2010 to bring together the government owned businesses of Bradford & Bingley and NRAM.