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.
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Member Since September 2016 - Comments: 2533 - Articles: 73
9:49 AM, 21st February 2018, About 8 years ago
Reply to the comment left by NW Landlord at 21/02/2018 – 09:43
All the individual mortgages you hold with them have to be at 85% or less LTV. If any are eg 88% then they ask you to top them up.
Member Since April 2016 - Comments: 5
11:27 AM, 21st February 2018, About 8 years ago
I just received a letter directly from Rosinca (after the original BB notice of transfer).
Under Important Notes on the first page it states clearly:
‘Following the transfer, Rosinca Mortgages is now responsible for setting the interest rate and charges on your mortgages. We have not made any changes to the existing Tariff of Mortgage Charges as at the transfer date. We plan to send you an update version of the Tariff with your next annual mortgage statements, which will be issued in April 2018.’
Not quite the unequivocal wording of David Dorset’s letter quoted above, this para appears to be referring to an updated Tariff only (i.e. the actual fees for redeeming, arrears etc) but the line ‘is now responsible for setting the interest rate and charges on your mortgages’ is of concern.
Member Since February 2018 - Comments: 79
11:41 AM, 21st February 2018, About 8 years ago
Reply to the comment left by Jason Griggs at 21/02/2018 – 11:27
Hi Jason. This was what worried me initially but Mark from P118 checked it and said they are not allowed to change the variable rate so i think the lenders wording is poor and may well refer to setting the interest rates on future products but they cannot change the variable rate which is what my mortgages went onto after my initial fixed rate expired. Regards David
Member Since January 2011 - Comments: 12193 - Articles: 1395
11:48 AM, 21st February 2018, About 8 years ago
I think some people are getting caught up with a combination of semantics and paranoia.
Let me try to be even more clear.
Topaz can and will set interest rates when the Bank of England base rate changes, BUT, only in accordance with T&C’s.
Therefore, if the base rate doesn’t change, they will have no basis on which they can change the interest rate.
If base rate goes up by 1% then they can and will increase the rate they charge by 1%.
If base rate goes down by 0.5% then they must reduce the rate they charge by 0.5%.
Member Since February 2016 - Comments: 1056
12:15 PM, 21st February 2018, About 8 years ago
Reply to the comment left by Mark Alexander at 21/02/2018 – 11:48
If your final paragraph is you being “even more clear” Mark, I must be losing what few marbles I had.
Member Since January 2011 - Comments: 12193 - Articles: 1395
12:20 PM, 21st February 2018, About 8 years ago
Reply to the comment left by Old Mrs Landlord at 21/02/2018 – 12:15
LOL … typo …. Oops!
I have changed it now.
Member Since February 2016 - Comments: 1056
12:30 PM, 21st February 2018, About 8 years ago
Reply to the comment left by Mark Alexander at 21/02/2018 – 12:20
Thank you. I frequently have cause to take comfort from the saying “The person who never made a mistake never made anything”!
Member Since January 2011 - Comments: 12193 - Articles: 1395
12:43 PM, 21st February 2018, About 8 years ago
Reply to the comment left by Old Mrs Landlord at 21/02/2018 – 12:30
Not only do I also love that saying , I think I probably know which forum owner it is referring to 🙂 LOL
Member Since February 2016 - Comments: 1056
12:56 PM, 21st February 2018, About 8 years ago
Sorry Mark, my knowledge of this saying predates internet forums by several decades and I was using it in a general sense and not referring to any forum owner.
Member Since January 2011 - Comments: 12193 - Articles: 1395
1:08 PM, 21st February 2018, About 8 years ago
Reply to the comment left by Old Mrs Landlord at 21/02/2018 – 12:56
Yes I know, but I found my own though process entertaining nonetheless 🙂