'Thousands' of buy-to-let properties mishandled by emergency bank

UK Asset Resolution, the emergency ‘bank’ set up by Government to manage the buy-to-let mortgages originally lent by Northern Rock and Bradford & Bingley, is treating landlord borrowers unfairly.

The claims, carried in the Mail on Sunday, say that ‘thousands’ of homes are being seized, mismanaged and sold at below-market prices, with tenants needlessly evicted and taxpayers short-changed because the properties are sold at a loss.

The paper admits that the allegations, which are being voiced online on websites such as Consumer Action Group, are difficult to prove.

UKAR’s function is to wind down the £77bn mortgages it took on in 2008 after the failure of Northern Rock and B&B. Its objective is to claw back for taxpayers some of the billions used in the bailouts.