GE Money transferring my mortgage to Kensington!

mikeb222

Received letter today from GE Money saying they are transferring my mortgage to Kensington Mortgage company. They will be responsible for setting interest rates etc.

Apparently in my terms & conditions I consented to any transfers!
Of course I wasn't aware of this.

Is this all legal?
Can anything be done about this?

Delete33

GE Money did the same to me years ago, now with Paratus?????????????

antrobus

mikeb222 wrote: »

Received letter today from GE Money saying they are transferring my mortgage to Kensington Mortgage company. They will be responsible for setting interest rates etc.

Apparently in my terms & conditions I consented to any transfers!
Of course I wasn't aware of this.

Is this all legal?...

Yes. Loan books are often bought and sold.

mikeb222 wrote: »

...Can anything be done about this?

Not really. Although you could always remortgage.

antrobus

Delete33 wrote: »

GE Money did the same to me years ago, now with Paratus?????????????

Paratus AMC was GMAC RFC. That's General Motors as opposed to General Electric.

Thrugelmir

mikeb222 wrote: »

Is this all legal?

You signed the term and conditions when accepting the mortgage offered.

Lenders have a duty to be responsible. So there's unlikely to be any material change in how you are treated.

mikeb222

I see.

So Kensington won't be able to say "Our rate is 5% and your repayments are now £750 per month"?

minimike2

Your terms and conditions will remain unchanged.

davidmcn

mikeb222 wrote: »

So Kensington won't be able to say "Our rate is 5% and your repayments are now £750 per month"?

If GE Money were able to say it then so will Kensington.

xHannahx

Your interest rate will track a base rate of some kind. If it's a GE set base rate they could in theory change it, if it tracks the BofE then you'll have a contractual margin in your T&Cs.
Consent to transfer will be in your agreement and should be quite clear, if you didn't know this, you didn't read your T&Cs adequately. It's in every credit agreement I've ever read.

Jellyfish9

Some time since this post I know but I also went through this process. I objected to GE money and was told it was in my T&C's I sent a Subject access request and they sent me my cheque back and never sent me my agreement.

I was moved to Kensington who are a bunch of clowns and it took 3 staff members to find out their own mortgage standard rate. They were unable to tell me much about my own rate. There script was everything stays the same, they couldn't get past that. They are hard to get hold of and they share a brain, unfortunately everyone person I get its not their turn with the brain that day.

My main question was that my mortgage was GE money lending rate + the bank of England rate. So I wanted to confirm that was still the case and that Kensington rate would not affect my mortgage based on my original terms.

I also asked for my original agreement about 5 times and it never arrived. Today it has arrived only took 2 years!

OK, so my original agreement aside from not even having my signature on it, nowhere does it state the GE money can transfer the mortgage. No wonder they were avoiding sending me the agreement. I will be contacting the FCA and taking this further.

Thrugelmir

Jellyfish9 wrote: »

OK, so my original agreement aside from not even having my signature on it, nowhere does it state the GE money can transfer the mortgage. No wonder they were avoiding sending me the agreement. I will be contacting the FCA and taking this further.

I'd be extremely surprised if that were the case. The ability to sell on (not transfer) mortgages is normally a standard contractual commercial term.