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change in Mortgage administration
underworld99
Posts: 2 Newbie
My fixed rate mortage with E-mex (part of cheshire Building soc) came to an end about 6 months ago and have been paying their SVR which is 5.99%. I've benn trying to remortgage it but with no luck so far. last month the admin of the morgage was taken over by mortgageworks whose SVR is 4.99%. are they under any legal obligation to give me that rate. I'm sur ethey would if I had been paying on SVR of base rate + 2% or something...thanks
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No. They aren't. If this is simply a change of administrator, the firm originally responsible for rate setting remains responsible for rate setting.underworld99 wrote: »My fixed rate mortage with E-mex (part of cheshire Building soc) came to an end about 6 months ago and have been paying their SVR which is 5.99%. I've benn trying to remortgage it but with no luck so far. last month the admin of the morgage was taken over by mortgageworks whose SVR is 4.99%. are they under any legal obligation to give me that rate. I'm sur ethey would if I had been paying on SVR of base rate + 2% or something...thanks
What's the remortgage problem?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »No. They aren't. If this is simply a change of administrator, the firm originally responsible for rate setting remains responsible for rate setting.
What's the remortgage problem?
Thansk for the reply - I got made redundant and my new income is not enough to cover the income requiremnt - i'm not sure why its being adminstered by mortgageworks as it wasn't a BTL in the first place0 -
TMW probably has surplus admin capacity and is offering to act as a third party administrator. It will receive a fee from the lender for doing so. Something else just occurred to me. Cheshire BS is now owned by Nationwide which also owns TMW. It's just being moved to another Nationwide group company.
On the remortgage issue, Halifax and Abbey have income multiples of upto 5 x your gross annual if you have a decent credit score.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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