Following approval by the Financial Conduct Authority, ownership of Bradford & Bingley (B&B) has now moved from UK Asset Resolution Limited (UKAR) to Davidson Kempner. We can also advise that B&B recently became a private limited company and is now named Bradford & Bingley Ltd. Mortgage Express (MX) is a subsidiary of B&B. Your account will continue to be owned and managed by B&B or MX, and you should not expect any impact to your relationship with either B&B or MX.
What does this mean?
We would like to reassure you that the change in ownership and name does not impact you or your account, how you engage with us, or to how you should expect to be treated. You remain a customer of B&B or MX. Both B&B and MX continue to be regulated by the Financial Conduct Authority.
There is no change to your account and your existing terms and conditions continue to apply. Every aspect of the day to day administration of your account is still being managed by the same teams, so you will not experience any change in the service you receive from us.
You will, however, stop seeing the UKAR name and logo on our website, letters, statements and any other documents you receive from us.
What you need to do now
Please continue to make your monthly mortgage payments as normal using our existing bank details. If you make payments by Direct Debit, your payments will be collected as normal.
However, if you are a B&B customer and pay by cheque or need to set up a new payment instruction in the future, please use ‘Bradford & Bingley Ltd’ as the payee name. For more information about making payments, please visit our Making your monthly mortgage payment section.
Further questions
We have supplied some information below to answer questions you may have. Please contact us if you have any further queries.
Who owns my account?
Your mortgage continues to be owned by Bradford & Bingley or Mortgage Express. Mortgage Express is a subsidiary of Bradford & Bingley.
Who is Davidson Kempner?
Davidson Kempner Capital Management LP (“Davidson Kempner”) is a global institutional investment management firm with offices in New York, Philadelphia, London, Hong Kong, Shenzhen and Dublin.
How does this affect me?
There are no changes to your account and your existing terms and conditions continue to apply. Every aspect of the day to day administration of your account is still being managed by the same teams, so you will not experience any change in the service you receive from us.
What if I pay by Direct Debit?
If you make payments by Direct Debit, your payments will continue to be collected as normal.
What if I currently pay by another method?
Please continue to make your monthly mortgage payments as normal using our existing bank details.
However, if you are a Bradford & Bingley customer and pay by cheque or need to set up a new payment instruction to us in the future, please use ‘Bradford & Bingley Ltd’ as the payee name. For further information about making payments, please visit our Making your monthly mortgage payment section.
Will my terms and conditions be affected?
No, your existing terms and conditions continue to apply and your rights under your mortgage contract are unaffected by the change in ownership.
Will my interest rate be affected by this change?
No, your interest rate will not be affected by the change in ownership.
Will I be offered any new mortgage deals?
Bradford & Bingley and Mortgage Express remain as closed mortgage books and we are unable to offer any new mortgage deals. This does not affect your ability to remortgage with another lender.
What if I am currently making changes to my account?
Any changes to your account or contract variations that are already in progress with us will still be made, subject to acceptance. If you have recently received documents from us relating to changes you wish to make to your account, such as offers, illustrations or redemption statements, they continue to be valid until the expiry date quoted on the documents.
What if my mortgage has been paid off?
If you have recently fully redeemed your mortgage, you may have received a letter from us about the change in ownership. This letter is for information only.
If you have any queries about your redeemed account, please contact us or get in touch using the contact details in your letter. We will retain details of our relationship with you to comply with our regulatory obligations.
What if my account has passed its term end date but not been repaid in full?
If we have agreed to an extension period or other solution with you, this agreement remains unchanged and you should continue to make payments. If no such arrangement has been agreed, you should contact us now and we will be happy to discuss this with you.
What if my mortgage is in arrears – will my payment arrangement change?
No. If you currently have an arrangement to clear your arrears, it will not change as a result of the change in ownership. You should continue to make the agreed payments.
If you are in a Debt Management Plan (DMP), your payments under the DMP will not change as a result of the change in ownership.
What if my account is subject to legal proceedings?
These legal proceedings will continue. If you have any queries or wish to discuss your account in more detail, please contact us.
