Capstone Mortgage Services and Prefered Mortgages

stannwigg

Don't know if this is old news or of any interest, but we asked for a redemption certificate on Friday, and they've asked that the outstanding balance is paid to Barclays...

Clara

Dylanwing

Thankfully, I moved my SPML mortgage back in July. The comments on re-possession are interesting, as some Banks look like they will repeat the mistake of the USA in over-zealous re-possession, which will just compound the problems, and add a huge cost to the Government in both financial and human costs. Maybe Brown and his puppet Darling need to get their heads out of their ar*es and start looking at 'bottom up' solutions, and do something for the 'Hard Working People' (©G Brown - Every F**ing Speech), by keeping them in their houses if at all possible. That might actually help reduce the toxic debt, and be far more use than just throwing money at Bankers, who have hardly proved to be models of prudence!

maytaurus

We also received this in a letter
"As you may be aware from recent news reports, certain companies within the Lehman Brothers group were placed into administration.
SPML forms part of the Lehman Brothers group, however, we can confirm that SPML and its specialist servicer, Capstone, are not in administration and will carry on with "business as usual".
The status of your mortgage is not affected in any way by the recent events concerning Lehman Brothers and you should continue to make your repayments as and when they fall due"
We are also due to re mortgage
Maybe we were naive to believe the letter ? :eek:

beaujolais-nouveau

stannwigg wrote: »

Don't know if this is old news or of any interest, but we asked for a redemption certificate on Friday, and they've asked that the outstanding balance is paid to Barclays...

Clara

Barclays bought the US bit of Lehman Brothers ...

Spiral

Hi all in the same boat.

Have tried to jump ship i.e. remortgage or sell up and move on, but not much luck in this so far. Will have to put on life jacket and ride the storm, but hope to be rescued before the boat sinks.

Barclays only take your money for Capstone, but if they stop taking it we could loss our homes, so perhaps our government will buy this toxic waste and save us all before giving our hard earned taxes to the RICH B--ANKERS that have ruined our economy (PRUDENT INVESTMENT)..!!

banks4u

I also used to work for SPML just before they closed us down. Basically a few people have moved from Bank street to High wycombe to work for capstone. I don't think there is anything for you to worry about. To be honest now that there is not a big american bank looking after your mortgages it will be good. I hear that capstone was the only part of Lehman Brothers that was making money. Also i hear that no one really wants to buy any of the mortgages from Lehman brothers mainly because they are really bad. I have seen some files and trust me they are in bad shape. But if you do get into trouble speak to the loan modification team and they can help you as part of treating customers fairly they will have to. Also if you find you can not remortgage due to propert prices going down i would suggest after your rate has ended. Contact them and say you are unable to pay such a high amount and they really are able to reduce the payment down. Now that Lehman does not have say you all will be in a better position. They would rather you pay something then loose thousands repossessing you. I have met all the people at capstone and they are very nice people but lehman didn't pay attention to the fact that it was busy and they needed more people.

beaujolais-nouveau

banks4u wrote: »

I also used to work for SPML just before they closed us down. ...

Thank you for posting this. Other people have had letters from SPML about the latest changes but I haven't. The first I have heard from SPML since Lehman Brothers collapsed is today, an updated "tariff of charges and sundry fees". Has anyone else had this yet?

I notice that one of the charges is a "final repayment charge" of £190 "when you redeem your account in full". I thought that these had been outlawed, even if they are in the agreement?

banks4u

I don't actually think the final fees have been outlawed. Let me help you by saying before you remortgage from SPML think about what rate you are being offered. Because they believe that LIBOR will go down therefore your rate will be dependant to this so might be an idea to wait and see what happens and you will be out of your tie in with the lender. I don't think now would be the best time to remortgage, if you have equity in your house and can wait a few months with this government bail out it will be easier for you to get better deals. Unfortuantly income may need to be proved. Also I suggest that you stay away from brokers that charge you more than £1000 as the best brokers are the ones that do not charge you a penny. I used to see brokers charge over £5000 for a mortgage. IF you think you have been mis-sold a mortgage, write not only to the lender but to the broker they have to reply back to you if they do not do so you have the right to write to the fos.
Please note that when you were advised the mortgage you should have legally as per FSA rules got a IDD, a KFI and a reasons for suitabilty letter from the broker. Please note if you did not get these you have not been sold properly. If you fall into arrears and find out you were not given the best advice I would suggest you complain. Also the only way a broker can non-advise a mortgage is if you tell them everything you want - which does not happen much.
If anyone wants more help or suggestions to what you should do please post it here.

beaujolais-nouveau

banks4u wrote: »

Let me help you by saying before you remortgage from SPML think about what rate you are being offered.

I am on a fixed rate until August 2009 (LTV about 25 per cent), at 5.14 which I would never get anywhere now. :cool: So am not thinking of remortgaging yet.

banks4u wrote: »

Please note that when you were advised the mortgage you should have legally as per FSA rules got a IDD, a KFI and a reasons for suitabilty letter from the broker. Please note if you did not get these you have not been sold properly.

I did receive a KFI (what's a IDD?). The broker suggested only one mortgage provider, SPML, but at the moment I have no reason to believe that the loan was mis-sold. I think the "reasons for suitability" given were on the lines of: We think this is the one for you, which is not a reason but an opinion. What sort of reasons do brokers usually give?

I will go through my SPML file sometime soon.

midge61

Hi

I got my letter re changes to charges yesterday too.
I also got a letter saying I am in arrears! Have been so good for the last year so phoned them.
They claim that a payment was returned from the bank 13mths ago!
Have sent a prove it letter.
I am on their variable rate now 10%