Top MPs ask for assurance on the sale of Northern Rock assets

Billy Bambrough
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Northern Rock Announce Their Half Yearly Results
When Northern Rock collapsed the government took on some of it's loan book, but has now sold it off (Source: Getty)

A group of senior MPs has asked for more details on what the sale of assets of Northern Rock mean to those with mortgages from the failed bank.

A US private equity group, Cerberus Capital Management, bought the government’s £13bn portfolio of Northern Rock mortgages in November.

Andrew Tyrie MP, chairman of the Treasury Select Committee, has written to Harriet Baldwin MP, the economic secretary to the Treasury, asking for more information on how she can guarantee there will be no change to the terms and conditions of the mortgages.

Baldwin’s responses are expected early in the new year.

Tyrie said: “In the minister’s letter to me, she clarified that in her view there will be no changes to the terms and conditions of the mortgages that have been sold. That requires some substantiation.”

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