On 13 November 2015, UK Asset Resolution (UKAR) agreed to sell a £13bn asset portfolio from the legacy book of NRAM plc (including £12bn of loans within the Granite securitisation vehicle, plus a further £1bn of non-Granite assets) to affiliates of Cerberus Capital Management LP (Cerberus).
Prior to this, assets and liabilities not included in the sale were transferred from NRAM plc to a newly established subsidiary of UKAR – NRAM (No.1) Limited.
On 5 May 2016 Cerberus acquired NRAM plc as part of the sale completion process.
Customers are not affected by this and do not need to take any action; their mortgages continue to be administered by UKAR colleagues and there are no changes to their terms and conditions.
Upon the final stage of completion, expected in the Summer of 2016, all customers affected by this transaction will be contacted by the relevant company to explain the change in ownership of their mortgage or loan.
For company information about NRAM (No1) Ltd, the Notes and historic information about NRAM plc which is relevant to NRAM (No1) please click here.
For information on supporting customers and mortgage intermediaries please visit the NRAM customer website.