SPML/Capstone mortgages

beaujolais-nouveau

I think that everyone who has a mortgage with SPML administered by Capstone should update themselves on the latest developments.

http://www.enablefinance.com/news-archive/spml-securitisation-of-700m-mortgage-assets/

I don't know if this is about all SPML mortgages but, certainly, if your mortgage has been securitised or the legal title sold on then you should have been sent a notice of "change control". It may be that SPML no longer exists. Everyone with an SPML mortgage should keep an eye on their property's record at the Land Registry. See also post number 267 here

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/170607-spml-london-mortgage-company-6.html

Note that this report doesn't mention how much the mortgage books were securitised for. If you are being taken to court for non-payment of arrears, you should make sure that the Claimant is actually the organisation that you have your mortgage contract with.

Note also this:

http://telegraph.uk-wire.com/cgi-bin/articles/200901301028565300M.html?epic=

Then read the explanations in posts 111 and 112 on

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/170607-spml-london-mortgage-company-6.html

I've spent about an hour reading this thread and not been able to take it all in yet. The Eurosail reference people are talking about there is not the one that appears on my bank statement.

Lastly, SPML is now four months overdue with filing its accounts. See Companies House web site.

midge61

Hi
If you want to know if your mortgage has been securitised you may have a freference on your bank statements as I did. My dd were going to SPS05-3plc which is Southern Pacific Securities 05-3plc. I then found this on the Irish Stock Exchange and they e-mailed me the prospectus which clearly states that the mortgage title and security is included in the sale and that the borrower will NOT be told.

It is also worth reading Carmel Butlers submission to the Treasury |Select Committee which clearly explains the securitisation process and the legal and accounting sleight of hand.

I have a complaint with the FOS because Capstone have suddenly demanded payment for 2 unpaid dd's from 2006 which when you read Carmel Butlers submission is a tactic used to force the borrower to re-mortgage or be repossessed.

dcraggs

What if you only took the deal with them in June 2007 and in 2 years you have not missed a payment - looking at going onto SVR in June this year - only because we might not be in a position of re-mortgaging due to housing price collapse!!

Make me wonder if we should explore - getting as much money together so that we can re-mortgage. Can you get a secured loan/unsecured loan and use this to help top-up a mortgage deposit - I think we are going to be within a % or 3 you see.

Surely better than staying with this lot..