Advantage sold my mortgage.. advice please

Cherryjack

Hello,

I've had a letter from advantage to say my mortgage has been taken over by Reliance property loans.. does anyone know anything about this company? was a bit worried..

Thank you :beer:

lozzzy85

Hi

Sorry i don’t know anything about Reliance property loans; however mymortgage was sold by GMAC to Mortgage express a few years ago.

I signed into the deal with GMAC and there terms and conditions etc andMortgage Express have to honour them, so i don’t think it will make a massivedifference to you but i could be being a bit naive!

Best of luck!

Cherryjack

Thank you :-) i 2 had the above happen with GMAC.. how i wish to have a good mortgage company one day.. lol
just thought i would check with regards to reliance property loans..bit worrying when ive never heard of them before

lozzzy85

I recognise the name but can't think where from!

This is off their website..
"Reliance Property Loans is a trading name of OneSavings Bank plc.

With mutual roots stretching back over 150 years, we today operate as a hybrid modern mutual bank holding on to our core values of treating customers fairly and offering long term sustainable value for money, but with the capital advantages of a bank.

OneSavings Bank plc is a company registered in England and Wales (company number 7312896), whose registered office is Reliance House, Sun Pier, Chatham, Kent ME4 4ET.

OneSavings Bank plc is authorised and regulated by the Financial Services Authority (No.530504).

PLEASE NOTE:

Reliance Property Loans administers existing mortgages but does not provide new mortgages.

OneSavings Bank plc also trades as Kent Reliance in the UK, Jersey Home Loans and Guernsey Home Loans in the Channel Islands."

Find the bit about administersing existing mortgages only a bit weird. Do they buy up other mortgages from people for cheap or something?

Cherryjack

thanks so much x yes i think they bought it cheap.. advantage were going to knock £60.000 off my mortgage is i re-mortgaged.. but no one would take me with my bad credit score. So they must have got a deal