Transferring Rosinca mortgages from joint names?

by Readers Question

15:52 PM, 6th August 2019
About A year ago

Transferring Rosinca mortgages from joint names?

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Transferring Rosinca mortgages from joint names?

My spouse and I own a number of BTL properties in joint names which were mortgaged with Mortgage Express. These mortgages have since been sold to Topaz/Rosinca. We have heard so many horror stories about MX and as a result we have been paranoid and squeaky clean, never any arrears and just quietly getting on with it. I don’t trust this company an inch. We each have some Rosinca mortgages in individual names too.

Now we want to make a change and we’re worried about how it might go. We are getting divorced and wish to divide the jointly held properties up and transfer them into our individual names. We would like to transfer the legal title, and also the mortgage. The eventual aim will be to remortgage away from Rosinca to another lender for all of them.

So the questions are:

1. Should we be looking at remortgaging and transferring the ownership simultaneously?

2. Would we need to also remortgage the individually held properties at the same time?

3. Is there likely to be any issue with the mortgage clauses such as consolidation or “all monies”?

4. Is Rosinca likely to get arsey about any of this?

Many thanks

MX Victim

 



Comments

Mark Alexander

7:55 AM, 7th August 2019
About A year ago

MX are extremely unlikely to enforce their right to consolidate unless any of the properties you have mortgaged to them exceed 85% LTV.

To check this I suggest you ask them to confirm outstanding mortgage balances and to tell you what they are showing the indexed value of the properties to be.

MX will not allow any changes to your mortgages but they will not hamper your refinancing either, providing you’re not leaving them in a worse position in terms of being left with loans over 85% LTV.

By the way, I have sold several properties over the last three years which were mortgages to MX and they caused me no problems whatsoever.

Howard Reuben CeMap CeRER

10:10 AM, 7th August 2019
About A year ago

We have helped many MX / Rosinca borrowers in similar situations and with similar concerns as yourself, over many years.

And not one had any issue or problem.

It does help if your account(s) have always been kept in good order and therefore there is no sniff of a breach of their terms.

And of course it helps hugely if you work alongside a professional mortgage brokerage who has been involved in such cases, too.

We'd be very happy to help all MX / Rosinca borrowers with reviewing all options and providing solutions from across the market.

MXvictim

12:27 PM, 9th August 2019
About A year ago

Certainly none of them are over 85% LTV, but some of them are still over 75% so there is a slight challenge to remortgaging.


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