Mortgage Express transfer to Rosinca Mortgages – anyone else?
My wife and I have just had a letter from Mortgage Express to say that our 11 Buy to Let loans are being transferred this month to Rosinca Mortgages a trading name of Topaz Finance ltd.
Our loans are on the beloved tracker rate. The letter states that the existing terms and conditions will not change.
Our LTV is sitting just below 60%, perhaps this is the level they can get to offload the loans ?
Anyone else had this letter yet?
Many thanks
Darrell
Editors Note:
From UKAR page >> http://www.bbg.co.uk/landlords/transfer-rosinca
“Rosinca Transfer
Important information about the sale and transfer of a portfolio of mortgage accounts to Rosinca Mortgages
If one or more of your mortgages was included in the transfer to Rosinca Mortgages (Rosinca), we will write to you in February 2018 explaining this. If we do not write to you, then your account(s) are not included in the transfer.
Your personal information
All personal and financial data relating to your account(s) will be transferred to Rosinca. Please be assured that we will always comply with our legal obligations under the Data Protection Act 1998. We will retain details of our relationship with you to comply with our regulatory obligations.
The relevant Credit Reference agencies will be notified of the transfer(s) of legal title and they will update your report accordingly. They may send you an automated notification about this, which will be for information only. This change will have no impact on your credit score.
The new Rosinca Mortgages website will soon be up and running. When this happens, this page will be updated with a direct link to the new site. In the meantime, please read through the Frequently Asked Questions – see below.
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
Previous Article
Freeholder refuses section 22 requestNext Article
Cheap BTL needs Housing Association?
Member Since April 2014 - Comments: 1
9:49 AM, 17th February 2018, About 8 years ago
I have recognised a few names on here – how are you doing Glenn Ackroyd? I have two mortgages with MX which are nearly as old as me. They were both fixed originally but now track the base rate. Mine are going to Rosinca.
Member Since January 2016 - Comments: 472
5:06 PM, 17th February 2018, About 8 years ago
Just got the letter, Jasper for mine.
Member Since February 2018 - Comments: 1
2:21 PM, 20th February 2018, About 8 years ago
Looks like there’s no new products available. Same old same old? http://www.rosincamortgages.co.uk/
Member Since January 2016 - Comments: 472
4:55 PM, 20th February 2018, About 8 years ago
Any pattern for whether a mortgage gets sent to Jasper or Rosinca? Is there a bad book and good book? Ltv cutoff?
Member Since January 2018 - Comments: 59
9:06 AM, 21st February 2018, About 8 years ago
Reply to the comment left by simon ellis at 20/02/2018 – 14:21
Yes, it looks to me as if they are not a ‘proper’ lender based on this.
Hopefully not another wolf in a different sheep’s clothes.
The website appears user friendly and welcoming, especially the parts about redeeming etc. However it could be some kind of a trap.
Rule number one. Never trust a lender – ever.
On the other hand if, for example, they have secured the loans at a discount (why on earth would anyone pay full price?) then it would be in their interest to get mass redemptions.
A 100k loan bought for 85k and then redeemed is easy money.
We will just have to wait and see.
I think we need to wait until there is a body of valid experiences in the community before we jump to too many conclusions.
I’m guessing, as I said here last week, each company, Jasper/Rosinca, is either owned by Blackstone or Prudential – hence the distinction.
Member Since January 2018 - Comments: 59
9:14 AM, 21st February 2018, About 8 years ago
This spells it all out and tidies up any confusion regarding Topaz Finance’s part in all this.
Our loans now belong to either Blackstone or Prudential.
http://www.ukar.co.uk/media-centre/press-releases/2018/19-02-2018?page=1
Member Since October 2013 - Comments: 804
9:23 AM, 21st February 2018, About 8 years ago
Is the right to consolidate clause still in effect ?
Member Since February 2018 - Comments: 79
9:33 AM, 21st February 2018, About 8 years ago
Just going back to my initial worries about the possibility of the new lenders trying to raise the variable interest rate… Mark from here kindly took time to check my situation and was adamant that the lender couldn’t increase the variable rate that i am on. I was very grateful of his input – thanks Mark. On the other side i was ringing ME and asking specifically can the new lender change the variable rate and each time i rang they told me yes it could be changed. I lodged a complaint with ME and i have today received a letter that states in black and white the following;
i note that you are on a product variable rate (PVR) which is set at 1.25% above the Bank of England base rate. Therefore a change to your interest rate can only be triggered by a change to the BOE base rate.
So i now have it in writing.
Hope this info helps, although it is only confirming what Mark had already told us.
Member Since September 2016 - Comments: 2533 - Articles: 73
9:37 AM, 21st February 2018, About 8 years ago
Reply to the comment left by NW Landlord at 21/02/2018 – 09:23
Yes it is.
Member Since October 2013 - Comments: 804
9:43 AM, 21st February 2018, About 8 years ago
Only when selling though my portfolio manager said refinancing is fine as long as the whole balance has been paid