Richard S

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Wednesday 4th July 2018

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Richard S

17:23 PM, 4th July 2018
About 2 years ago

Rosinca Mortgage - Right to not Consolidate fee 0.5%

Thanks for your response.
I have now spoken to Rosinca and finally got to the bottom of it all..... It seems that when you redeem one mortgage when you have several, then Rosinca check to see that their security is covered. They do this by reviewing the valuation for each property in a portfolio (using Halifax figures) to ensure that loan-to-values are maintained. In my case, it seems that in one of my other properties, they have not used the correct value on one property and this has taken that property above the 85% ltv by 0.4% - which by coincidence equates to exactly 0.5% of the outstanding mortgage on the property I sold. The consolidation amount charged would be used to bring that other property mortgage down to meet the 85% ltv.
In reality, the valuation they have used is out by over 50% (being less than the RICS valuation in 2007! I have raised a complaint with them, which will be dealt with in due course.
If only this was explained in the correspondence for the redemption to my solicitor. It could have been £25,000 out and so what then?
The only good thing is that the consolidation amount is used on another mortgage, so in theory at no real cost to me..... as long as there are no charges.
It is worth leaving this thread open as it I sdefinitely not clear in the correspondence, which is worded in a very threatening way!... Read More