Mortgage Express transfer to Rosinca Mortgages – anyone else?

Mortgage Express transfer to Rosinca Mortgages – anyone else?

8:23 AM, 12th February 2018, About 6 years ago 162

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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.

Find out more >

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.

More information >

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.

Rosinca Mortgages FAQ page >”


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Comments

NW Landlord

20:02 PM, 20th March 2018, About 6 years ago

Ask for an extension to give u time to remortgage or sell

James Leavesden

18:38 PM, 25th March 2018, About 6 years ago

I wonder if anyone has enquired if Rosinca will be offering new product, term renewals etc, or will it be an extension of what MX was doing - collecting monies and encouraging transfer elsewhere and winding down the book?

Mark Alexander - Founder of Property118

18:41 PM, 25th March 2018, About 6 years ago

Reply to the comment left by James Leavesden at 25/03/2018 - 18:38
Yes we have asked and no there will be no new products. Same old, same old it appears. However, if your loan has moved is seems to me that you’re being judged as “good debt” and your far less likely to have a problem with their “right to consolidate” clauses when you want to sell or refinance. That’s just my current perception though, time will tell.

Mark

12:30 PM, 10th April 2018, About 6 years ago

Hi
I am involved in this Rosinca/Topaz take-over of Mortgage Express. I have contacted them today & have been told my product ends in August 2019 & they currently are not offering any alternatives. We are contemplating paying this off as it doesn't make great business sense anyway, however, they say there is no discount for early repayment. Is anyone in a similar situation and is there anything to try to persuade them to offer discounts?

Darren Peters

13:17 PM, 10th April 2018, About 6 years ago

Has anyone asked something like, "I'd like to sell property A, can I do this without you consolidating the debt or forcing the mortgages on properties B and C to be paid down?"

Or is it better to take no chances, pay down mortgage A fully before selling off?

If the latter, how long should one leave between paying down and selling? Ie does the Land registry need to be updated or is it enough for MX to acknowledge receipt of money?

ta

Mark Alexander - Founder of Property118

13:20 PM, 10th April 2018, About 6 years ago

Reply to the comment left by Darren Peters at 10/04/2018 - 13:17
I have just sold a couple (post Rosinca take-over) and have 11 mortgages left with them. No problems whatsoever, their "right to consolidate" wasn't even raised and I retained all net sale proceeds.

Mark

14:20 PM, 10th April 2018, About 6 years ago

Reply to the comment left by Darren Peters at 10/04/2018 - 13:17
Hi
I only have the one mortgage so I guess that doesn't apply to me.
I think my issue is regarding trying to cut a discount deal to redeem with Rosinca.

Mark Alexander - Founder of Property118

14:26 PM, 10th April 2018, About 6 years ago

Reply to the comment left by Mark at 10/04/2018 - 14:20
Good luck with that!

NW Landlord

14:28 PM, 10th April 2018, About 6 years ago

I haven’t had any letters on any of my mortgages and I have around 30 and am looking to sell a couple does that mean I’m still with UKAR then ?

Mark Alexander - Founder of Property118

15:02 PM, 10th April 2018, About 6 years ago

Reply to the comment left by NW Landlord at 10/04/2018 - 14:28
Do they have your current address?

The easy way to check is to call them and ask.

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