Slaughter and May is advising UK Asset Resolution - outsourcing of mortgage servicing

Slaughter and May is advising UK Asset Resolution (UKAR) on its strategic and transformational project to outsource the servicing of its portfolio of £30 billion mortgage assets to Computershare Limited (Computershare). In order to service this portfolio, Computershare is acquiring the mortgage servicing operations of Bradford and Bingley, making Computershare the largest third party mortgage servicer in the UK and Ireland. The outsourcing agreement has an initial term of seven years and also covers related ancillary services, such as IT and property services. The sale of the business and commencement of the outsourcing agreement is expected to occur in mid-2016.

In parallel, Slaughter and May is also advising UKAR on a standalone services agreement with Computershare with respect to IT support for the Help to Buy: ISA scheme and the Help to Buy: Mortgage Guarantee scheme.