Capstone Mortgage Services and Prefered Mortgages

marvin

I was wondering if anyone has any news on what is happening with this pair?

Both were/are subs of Lehman Bros but have heard little about them to date with the latest circs of the parent company.

The Capstone Website says not a lot, nothing new in that. Email's bounce, nothing new in that and the feedback form receives no reply, nothing new in that and probably related to the email's bouncing.

Lokolo

Capstone Mortgages love their Dominos

Used to deliver them down, annoying people down there.

Do you live in Wycombe or not?

beaujolais-nouveau

marvin wrote: »

I was wondering if anyone has any news on what is happening with this pair?...

I am on an SPML fixed-rate mortgage (until next August). I received a computer-generated letter from Capstone on Saturday last, dated 12 September (ie before Lehman collapse), with the usual information about the LIBOR and repayment rates for the next three months. Nothing else.

There was one afternoon last week when the phone rang but I didn't get to it before the caller rang off. When I keyed in 1471, the number of the caller was given as a High Wycombe number which, by Googling it, I found belonged to an employment agency. I live in Greenwich and I wondered if it might have been an SPML/Capstone employee trying to work out of the employment agency. I didn't see any reason to return the call.

Do you think we should start an "official" SPML/Capstone clients' topic on MSE? I am fairly sure that there are a lot of people who have not made the connection between Lehman being blown away and their mortgage provider.

PriceWaterhouseCoopers will be trying to sell on the mortgages but I noticed that the BBC's Robert Peston referred to Lehman Brothers' residential and commercial mortgages portfolio as "toxic". So what sort of outfit, and from which country, would take on the portfolio and at what price?

marvin

I never even get those types of communications I have always been left to work out the new rate for myself.

The worrying thing here is the total lack of communication, there is even nothing on any of the websites connected with them to indicate anything is wrong or happening and the emails bounce.

jinny

I have a repayment morgage with Capstone OMG:eek: is there something wrong what have you heard?

marvin

jinny wrote: »

I have a repayment morgage with Capstone OMG:eek: is there something wrong what have you heard?

Capstone mortgage services are a wholly owned subsidiary of Lehman Brothers (originally was a joint venture Lehman/Barclays but Barclays sold out to Lehman's in 2003) who a couple of weeks ago went pop. (you may of caught something about that on the news or in the press)

The administrators should be currently trying to offload the profitable bits which should include Capstone as all it did was provide logistical support to the collection of mortgage payments it did not as far as I can make out do anything else.

The big question will really be who will the ongoing debts (mortgages/loans etc) be sold to and what will they do with them.

There is though at this moment no word on this from any one.

midge61

Hi

I too have a mortgage with SPML and make payments via Capstone.
I read in the Times yesterday that Capstone is indead about to be off loaded and am now worried about what will happen to my mortgage.

marvin

I have put in a query with PWC to see if they can shed any light.

If anyone else wants too then the contacts page is http://www.pwc.co.uk/eng/publications/lehman_brothers_contact.html

beaujolais-nouveau

marvin wrote: »

I have put in a query with PWC to see if they can shed any light.

Ooo - good for you. Will you post here when you hear back from PwC.

Dan_1976

Who cares, I would hope that a high street lender picks up your mortgage and takes it on.

whodoitaketocourt

I'm hoping that the mortages will be transferred out to a more reputable high street lender (I had intended to remortgage anyway), but the silence coming from them at the moment is rather worrying. There are still people working in the building (I drive past it each day), but no-one is answering calls or emails and my wife was turned away from the reception when trying to deliver a letter by hand.