The £13 billion sale of former Northern Rock mortgages was completed yesterday, with the government receiving the final £520 million from Cerberus as part of the conclusion of this sale.

The mortgages, which were originally owned by Northern Rock and were acquired by the government during the financial crisis, were sold by UK Asset Resolution (UKAR) to Cerberus.

The sale, announced on 13 November 2015, is the largest ever financial asset sale by a government in Europe.

UKAR sold this portfolio of mortgages for £280 million more than their book value.

Harriet Baldwin, economic secretary to the Treasury, said: “[This] marks another major milestone in clearing up the mess left by the financial crisis, with the government completing the sale of former Northern Rock mortgages.

“The sale, which has raised £13 billion for the British taxpayer, is the largest ever sale of financial assets by a British government.

“[The] receipt of the final funds from this sale mean that we now have even further confidence that taxpayers will get back more money from Northern Rock than they were forced to put in during the financial crisis.”