Whistletree will provide long-term security for homeowners
TSB today announces that it has completed legal transfer of former Northern Rock mortgages and loans from UKAR 1, welcoming them to a custom-built new home - Whistletree.
Whistletree, a trading name of TSB Bank plc, has been purpose-built to provide customers with a safe and secure home for their mortgage or loan - with exactly the same benefits as they enjoyed previously whilst benefitting from Whistletree's high level of customer service.
The initial purchase of the portfolio from Cerberus Capital Management was announced in November 2015.
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.
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Notes to editors
1TSB acquired the former Northern Rock mortgages and loans from Cerberus Capital Management group in November 2015. The portfolio comprises residential mortgages (and linked unsecured loans) from the legacy book of NRAM plc (the former Northern Rock mortgage business), which UK Asset Resolution Limited (UKAR) sold to Cerberus.
Whistletree customers will continue to be able to look after their mortgage in the same way as they currently do.
27,000 mortgages and loans will transfer to Whistletree, a reduction from 34,000 mortgages and loans announced in November 2015. This reduction is due to homeowners naturally redeeming their mortgage or switching lender.
For more information about Whistletree, please visit www.whistletree.co.uk
TSB was built to bring more competition to British banking - to be a real challenger to the big banks and to deliver the kind of banking the people of Britain want. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.
We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.
Our 4.6 million customers, award winning mobile and digital banking, nationwide network of branches and 8,500 Partners mean we are big enough to make a difference, but small enough to be an agile challenger to the entire market.
For further information about TSB Bank plc, please visit our website www.tsb.co.uk