Capstone Mortgage Services and Prefered Mortgages

whodoitaketocourt

A quick update on my email enquiring what was happening at Capstone Mortgages. I emailed the address given on the PriceWaterHouseCoopers website (a lehman.com address) for all such equiries after 20th September and got an email back from someone saying that I should now send any enquiries to a new address : [EMAIL="enquiries.lehmanbrothers@uk.pwc.com"]enquiries.lehmanbrothers@uk.pwc.com[/EMAIL] .

I'll let you know what they come back with, if anything.

sarah1980

Ooh, I used to work for Preferred. Hated it every minute of it, I hope my ex-colleagues have gone to a happier place if they have gone bust.

lottie_75

Hi

I too have a mortgage with SPML/Capstone. My fixed rate is due to end 30/11 and I have been emailing and getting the messages bouncing back. I was using [EMAIL="customerservices@capstonemortgageservices.co.uk"]customerservices@capstonemortgageservices.co.uk[/EMAIL] which I got from their website.

I today received a reply via post (dont know how they got the message!). They wont be able to offer any further fixed rate deals/remortgages at all. They did state that my existing mortgage would still be with them on a variable basis.

So it is good that I already have started looking elsewhere as I just cannot afford the jump in payments of over £300 per month!

sdooley

Maybe all you borrowers could buy the portfolio yourselves for 10p in the £1 and waive all your mortgages? Collective action....

We can only dream!

JamieS_2

I also have a Preferred Mortgage and been doing a little digging on the net found this article - never heard of the company who they hope will acquire the business in Q4.

http://www.ftadviser.com/ftadviser/mortgages/products/subprime/news/article/20080911/b703edf6-7fed-11dd-9dcc-00144f2af8e8/lehman-looks-to-sell-uk-mortgage-assets.jsp

midge61

Here you go

http://www.blackrock.co.uk/index.htm

They are investment managers don't know what this will mean for us.

Sammy_Girl

I have a mortgage with SPML. When I heard about Lehmans, I phoned them up and the lady on the phone was very pleasant. All she would say was that I was to carry on paying as normal, and any details on change of ownership would be sent to me by post.

I'm due to remortgage in March 2009, so it would be a dream if a high street lender took on their portfolio

beaujolais-nouveau

midge61 wrote: »

Here you go

http://www.blackrock.co.uk/index.htm

They are investment managers don't know what this will mean for us.

They are American

http://en.wikipedia.org/wiki/BlackRock

and I am trying to remember what I have heard about them before now.

http://uk.reuters.com/article/fundsNews/idUKARO62817020080916

http://www.citywire.co.uk/selector/-/news/other/content.aspx?ID=315105

marvin

midge61 wrote: »

Here you go

http://www.blackrock.co.uk/index.htm

They are investment managers don't know what this will mean for us.

All good finds

Mmm that dates before the colapse of Lehmans and the company mentioned is 49% owned by Merill Lynch who themseves have recently been forced into a sale to Bank of America.

It may mean that they retreated from the purchase of the assets.

Sale to this lot would I suppose mean no change I think they would be as eager to sweat their investment as much as Lehman's were.

They are as contactable as Lehman's ever were :rolleyes2

beaujolais-nouveau

marvin wrote: »

All good finds

Mmm that dates before the colapse of Lehmans and the company mentioned is 49% owned by Merill Lynch who themseves have recently been forced into a sale to Bank of America.

It may mean that they retreated from the purchase of the assets.

Sale to this lot would I suppose mean no change I think they would be as eager to sweat their investment as much as Lehman's were.

They are as contactable as Lehman's ever were :rolleyes2

We can watch their share price here

http://www.reuters.com/finance/stocks/companyProfile?symbol=BLK.N

I have read in a couple of places that the Bank of America has bought a couple of other companies solely in order to shift BoA's own toxic debts into those companies and then shut them down.

It is a different culture - I mean, the selling on of worthless mortgage-backed securities started in the US and has now infected the entire globe - I really would like to be out of any contact with an American firm long before my fixed rate expires.