Advice Please

genguskhan

Hi All I'm new here and want some advice if poss.

I have had notification that my mortgage has been transferred to another company for administration,but this new company is asking me to note another company on my buildings schedule as first mortgagee. As I have never heard of them I have checked on the FSA register and Companies House and it show's that they are not regulated.

I originally took out a regulated mortgage and would like to know what I should do?

Any help appreciated.

genguskhan

Anybody???

Senior_Paper_Monitor

Name original lender and new 'administrator' and I'll have a guess - but there is nothing unusual in this situation

genguskhan

Hello Senior Paper Monitor

You quote there is 'nothing unusal in this situation'
I would of thought going from a regulated mortgage to unregulated is illegal!!
Or did you mean that in a different context?

Senior_Paper_Monitor

For crying out loud - you complain that no-one answers your fact free first post - I explain the minimum information you need to provide for me to spend my time checking an accurate answer for you - and you start to question my post/opinion rather than answer the very clear question.

I suggest you work it out yourself.

genguskhan

I have been asked to pay MF08-1BL c/o Wilmington Trust & note them as 1st mortgagee on the buildings insurance,the administrator is Homeloan Management Ltd.

I wasn't questioning your post/opinion at all,I just wanted to know what context 'nothing unusal in this situation' was in.
I apologise for asking.

Senior_Paper_Monitor

Original lender ?

genguskhan

Originally with Matlock Bank then sold to Southern Pacific Mortgages Ltd.

Senior_Paper_Monitor

Dinner is arriving on the table (and have just opened the chianti) - will have a look later on this evening or tomorrow morning if the chianti wins

genguskhan

Ok thank you and enjoy the chianti.

genguskhan

I have been looking up MF08-1 today and found this below. I don't know if it relates to my mortgage or not as it mentions SPPL,but these are part of Southern Pacific Mortgages Ltd.


RNS Number : 0015R
Mortgage Funding 2008-1 Plc
12 August 2010



THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE, INCLUDING AS TO ANY TAX CONSEQUENCES, IMMEDIATELY FROM THEIR STOCKBROKER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER.

IMPORTANT NOTICE TO THE HOLDERS OF THE
Class A €1,112,125,000 mortgage backed floating rate notes due March 2046
(the "Class A Notes") (ISIN XS0350039912)
Class B £146,000,000 mortgage backed floating rate notes due March 2046
(the "Class B Notes") (ISIN XS0350047691)
10,000 Residual Certificates
(the "Residual Certificates") (ISIN XS0350698873)

issued by
MORTGAGE FUNDING 2008-1 PLC
(the "Issuer")
on or about 18 March 2008

The Class A Notes and Class B Notes are together referred to as the "Notes".

Capitalised terms used but not otherwise defined herein shall have the meanings ascribed to them in the Terms and Conditions of the Notes set out in the Trust Deed (the "Trust Deed") dated on or about 19 March 2008 (as amended) and entered into between the Issuer and BNY Corporate Trustee Services Limited (the "Trustee") and the master definitions schedule (the "Master Definitions Schedule") dated on or about 19 March 2008 and entered into, among others, the Issuer and the Trustee.
We refer to the notice issued by the Issuer to the holders of the Notes (the "Noteholders") dated 14 December 2009 (the "Notice").

Further to the Notice, the Issuer would like to inform Noteholders that Barclays Bank PLC, as the Account Bank, required that certain amendments were made to the Bank Agreement as a condition to the Account Bank agreeing to transfer the Collection Account (the "SPPL Collection Account") held in the name of Southern Pacific Personal Loans Limited ("SPPL") into the name of the Issuer. The Account Bank required that the amendments were made to accurately reflect the operational arrangements being undertaken by the Account Bank and the Cash/Bond Administrator in relation to the SPPL Collection Account and to include the Account Bank's standard terms (including the indemnification provisions in favour of the Account Bank) for the provision of direct debit sponsorship services provided in relation to the SPPL Collection Account.

The amendments to the Bank Agreement were made pursuant to an amendment and interface deed (the "Deed"). The Deed was entered into by the Issuer on 28 June 2010. Copies of the Deed in physical form may be inspected during normal business hours on any day (excluding Saturdays, Sundays and public holidays) at the offices of the Issuer.

Further to the execution of the Deed, and the execution of further documentation as was requested by the Account Bank, the SPPL Collection Account is in the process of being transferred into the name of the Issuer. The Account Bank requires that legal title to the Mortgages originated by SPPL (the "SPPL Mortgages") are also transferred into the name of the Issuer before customer payments made by direct debit in relation to such SPPL Mortgages can be received into the SPPL Collection Account. As a result, legal title to the SPPL Mortgages will also be transferred into the name of the Issuer.
The Issuer is currently overseeing the transfer of the SPPL Collection Account and legal title to the SPPL Mortgages to the Issuer with the Cash/Bond Administrator, Mortgage Administrator and Account Bank. Due to the large number of SPPL Mortgages, the SPPL Mortgage and the SPPL Collection Account transfer process will take some time but it is anticipated that legal title to approximately 90 per cent. of the SPPL Mortgages will be transferred into the name of the Issuer by the end of August 2010. Legal title to the remaining 10 per cent. of the SPPL Mortgages (which are non-conforming or include features that mean it will take longer for them to be transferred) are expected to be transferred during the course of September and October 2010.
Queries may be addressed to the Issuer as follows:
Mortgage Funding 2008-1 PLC
c/o Wilmington Trust SP Services (London) Limited
Fifth Floor
6 Broad Street
London EC2M 7JH
Attention: Martin McDermott/Mark Filer
Telephone: +44 (0) 207 614 1111
Fax: +44 (0) 207 614 1122
e-mail: MMcDermott@WilmingtonTrust.com/MFiler@WilmingtonTrust.com
Ref: Mortgage Funding 2008-1 PLC

This Notice is given by the Issuer.
12 August 2010