Mortgage Express transfer to Rosinca Mortgages – anyone else?

Mortgage Express transfer to Rosinca Mortgages – anyone else?

8:23 AM, 12th February 2018, About 4 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


Editors Note:

From UKAR page >>

“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 >”


by Caroline Humphrey

10:38 AM, 12th February 2018, About 4 years ago

Last year I had a lot of problems with Mortgage Express they tried to repossess two properties because they said I was in arrears. One property I was slightly in arrears and the other not at all. Because I was ill at the time they were extremely heavy-handed and put receivers into both properties. They threw out paying tenants of the property that was in arrears and repossessed it and sold it for approximately £10,000 less than the mortgage amount. That is the last I have heard of that one. The other one I managed to resist and went to court to prove that the property was not in arrears and they seem to have backed off with that one and I have come to an agreement with a more reasonable manager now to keep and carry on renting the property. I don't know if all of this heavy-handedness was in preparation to get rid of as many loans as possible. They were extremely underhanded with me and and lied but the managers I have dealt with this year have been more reasonable and allowed a solution

by Mark Alexander

10:40 AM, 12th February 2018, About 4 years ago

Reply to the comment left by Caroline Humphrey at 12/02/2018 - 10:38
That sounds nasty, especially as you still owe them £10,000 which they could bankrupt you for.

by H B

10:51 AM, 12th February 2018, About 4 years ago

Reply to the comment left by Mark Alexander at 12/02/2018 - 10:40
And the tenants who were made homeless. When banks repossess BTL properties they make tenants homeless who pay their rent in god faith.
Banks need to work harder wroth landlords who get into arrears for whatever reason (illness etc) so that
tenants arent unfairly hurt.

by Mark Alexander

10:55 AM, 12th February 2018, About 4 years ago

I've just got the letter, apparently they've sold my mortgages too.

I was beginning to feel left out LOL

by Recardo Knights

11:14 AM, 12th February 2018, About 4 years ago

I also got the letter on Saturday. My LTV is 85% on 2 properties dating back to 04. If they keep the original t&c's we may be better off. Time will tell

by Jason Griggs

11:16 AM, 12th February 2018, About 4 years ago

Saturday I received my letter and immediately checked on the forum - nothing, but the B&B website was showing as being updated by Google 3 days earlier referring to Rosinca.
Rosinca is a newly registered brand name of Topaz Finance plc owned in turn by Computershare the Australian trading firm.

Today I'm not surprised to see everyone chiming in. They clearly did the deed and sent the letters out together. Nothing in the news last week about this sale which is unlike most other NRAM sales that have been openly discussed.

Having got my portfolio down to the magic number of 4 after being harassed by MX for constant 'reviews' of my 'portfolio' (in reality a few dozen individual mortgages, all granted under different terms and conditions and interest rates secured on individual properties but retropsectively deemed to be a portfolio facility as soon as it suited the public servants running NRAM) I've been left alone by them for a while.

Topaz as a lender appears to be newly open for business (unlike NRAM who used every dirty trick in the book to pull mortgages under 'all monies' clauses) so it's possible they may look to make money on this book by refinancing those of us who have low LTV and perfect track records.

Enough time has passed with low rates for many landlords that the equity in our properties has crept up (sorry NE!) and that makes us all perfect targets for profits for this new lender - , new loans, further draw downs, arrangement fees etc, and they may feel we're ready for slightly higher interest rates in return for pulling out our cash as the BoE is already moving in that direction.
Regardless of their approach I'm still going to be selling off my last few and moving my investments out of the line of fire of our leftist governments (that means the alleged 'Tories' too) and redeeming over the next 18 months.

Post Summer Budget 2015 that's several dozen fewer good homes with stable rents in England for families like my tenants, -
only one of whom was actually able to take advantage of my offer for them to get a mortgage and buy at a reduced price after ten years of them renting from me.

The rest are now subject to the dwindling market supply and ready to be scooped up by Osborne's pals in the corporate & fund ownership sector.

Every single family ended up paying between 10-50% more rent than they had been paying with me, and most could not afford to stay renting within the same area.

All this the result of vote chasing for Generation Renters and the most insidious and corrupt campaign against the PRS since Mao's Cultural Revolution made landlords wear 'confessions' of 'capitalist crimes' pinned to their chests.

If I were even more cynical I'd say that the Section 24 rules (which on the surface appear to be such idiocy from one supposedly financially literate as our late chancellor) were cunningly designed as to start forcing BTL landlords who were never going to redeem with MX (unlike in the USA there was no reset button for these lenders, and no short sales - MX wanted 100% of their money back despite being bankrupt) to sell off and repay their loans. I was one of them. MX have had a few million back from me, and I know many other MX borrowers who've been doing likewise.

Do you think the bump in redemptions made the NRAM deal to sell performing BTL mortgages to Rosinca all the more attractive to the buyer? I wonder if the tax payers (that's all of us evil landlords, too) who bailed out MX and B&B actually got their money back from this sale?
But that would be being too cynical, right?

by Glenn Ackroyd

11:43 AM, 12th February 2018, About 4 years ago

Reply to the comment left by Mark Alexander at 12/02/2018 - 09:04
Hi Mark,

From a purely cynical self-interest, I was quite please to see that you'd receive the letter (sorry!).

Because I know that you'll fight the beggars if they try any dirty tricks.

Hopefully, this will be their entry into the market place and they'll start to lend and offer products.

by Mark Alexander

11:57 AM, 12th February 2018, About 4 years ago

Reply to the comment left by Glenn Ackroyd at 12/02/2018 - 11:43
Thank you Glenn, and you're absolutely right 😉 LOL

by david corless

11:57 AM, 12th February 2018, About 4 years ago

we have a few with morgage express
and would be a little concerned as they are not very helpfull
my LTV is also about 90% due to prices in north west falling

by Mark Alexander

12:00 PM, 12th February 2018, About 4 years ago

Reply to the comment left by david corless at 12/02/2018 - 11:57
what would you be concerned about David?

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