NRAM & Whistletree fiasco

andyeb

My mortgage was with Northern Rock for 10 years on a fixed rate, which came to an end just over a year ago. Despite having always paid on time, somehow the mortgage ended up in the NRAM half of things.

We are currently in the process of moving house and have a mortgage application in with NatWest. We are hoping to hear back in the next few days, with a view to moving early September. We have a complete chain and have instructed solicitors and are therefore starting to incur costs.

Today I get a surprise letter from NRAM telling me they already flogged my mortgage debt to Whistletree/TSB.

Concerned about the implications for our move, I phoned the Whistletree phone numbers on the letter to get a recorded message telling me the phone number didn't exist. So I checked the Whistletree website and that doesn't exist either :eek:

So I phoned NRAM to air my concerns and they trotted out what was clearly an "official line" that nothing would change apart from a name on the mortgage Title Deeds. Yeah right?!

So I find myself at least partially committed to moving house and my current mortgage is now with a company, which as far as I'm concerned, does not actually exist.

Am I freaking out prematurely? Even if they can get their ducks in a row by September, I'm quite anxious about whether completion day will go according to plan. We will most like be one of the first to redeem our mortgage from this new (fictional?) mortgage company.

Does anyone have any ideas how I can take control of this situation? I feel angry and betrayed by NRAM - it could not have come at a worse time.

Many thanks,

Andrew

Thrugelmir

The fact that your mortgage was in a 10 year fix will explain why it remained with NRAM rather than being sold on earlier. NRAM's entire purpose is to wind up the old mortgage books of the nationalised lenders and seek repayment of the loan that the Treasury (taxpayer) is still owed.

The fact that your mortgage has now been sold on makes not one iota of difference. You'll continue to make repayments in the same way. When you finally move house. Your solicitor will simply redeem the mortgage with the new owners of the debt

As far as I am aware UKAR will continue to provide the administration support for the mortgage. So in reality the transfer will be seamless. .

We will most like be one of the first to redeem our mortgage from this new (fictional?) mortgage company.

Unlikely. TSB acquired their first tranche of mortgage debt last November.

silvercar

So I find myself at least partially committed to moving house and my current mortgage is now with a company, which as far as I'm concerned, does not actually exist.

Am I freaking out prematurely? Even if they can get their ducks in a row by September, I'm quite anxious about whether completion day will go according to plan. We will most like be one of the first to redeem our mortgage from this new (fictional?) mortgage company.

Does anyone have any ideas how I can take control of this situation? I feel angry and betrayed by NRAM - it could not have come at a worse time.

If my mortgage had been sold to a company that didn't exist I'd be cracking open the champagne! No company= no mortgage.

As it is your mortgage has been sold and so you will owe the money to a different company. Nothing else changes.

dunstonh

NRAM & Whistletree fiasco

You havent mentioned any fiasco.

So I phoned NRAM to air my concerns and they trotted out what was clearly an "official line" that nothing would change apart from a name on the mortgage Title Deeds. Yeah right?!

Yes. Right.

davidmcn

andyeb wrote: »

Am I freaking out prematurely?

Yes. As far as I can make out, Whistletree is just a brand name being used by TSB. I don't know exactly which company your mortgage has been assigned to, but it's definitely not a non-existent one. You've got two months to find a phone number for someone at the TSB prepared to talk to you. All you need is a redemption figure before you complete.

I feel angry and betrayed by NRAM

Gosh. Not sure why you're taking it so personally. Lenders are entitled to sell their mortgage book whenever they want, it's not some sort of punishment. Just means you're talking to a different call centre. Or sometimes, the same call centre, answering the phone differently.

G10fty

I have had the same letter. The website is not avaible (not even built) just registered, Call the number 0330 1596612 and suprise the number is not registered, their website is not even up and running Granted, lenders are entitled to sell all or part of their portfolio but to a company that at the moment does not exist is a little concerning

Thrugelmir

G10fty wrote: »

I have had the same letter. The website is not avaible (not even built) just registered, Call the number 0330 1596612 and suprise the number is not registered, their website is not even up and running Granted, lenders are entitled to sell all or part of their portfolio but to a company that at the moment does not exist is a little concerning

Does the letter say when the transfer will take place?

As I pointed out earlier it's already acquired mortgages from NRAM. According to Companies House it does exist.

WHISTLETREE LIMITED
09848854 - Incorporated on 29 October 2015
21 Holborn Viaduct, London, EC1A 2DY

G10fty

No date as to the transfer- It just states "It will be completed shortly". I also seen the same info about date incoparted and the licence expires in 2025 but cant find that link again

davidmcn

Thrugelmir wrote: »

Does the letter say when the transfer will take place?

As I pointed out earlier it's already acquired mortgages from NRAM. According to Companies House it does exist.

Though possibly not that precise company, given it looks like a shelf company which has never been taken off the shelf, and has applied to be struck off the register. It does appear to be linked though, as it's been incorporated by Hogan Lovells who are TSB's lawyers in this deal.

Does the letter actually give the company name of the assignee?

G10fty

The letter received actually does not have a date it just says July 2016. Obviously Whistletree have not taken over any nram mortgages in the past as i have stated previously the telephone number and website is not registered. If they were up and running they should be contactable:mad:p

andyeb

G10fty wrote: »

I have had the same letter. The website is not avaible (not even built) just registered, Call the number 0330 1596612 and suprise the number is not registered, their website is not even up and running Granted, lenders are entitled to sell all or part of their portfolio but to a company that at the moment does not exist is a little concerning

Thanks G10fty - it's at least reassuring to know that there is someone else in a similar situation. Are you also planning to redeem your mortgage soon? We should probably compare/share notes on this if so.

Perhaps "fiasco" was a bit strong on my part. But I still feel that they should have given me warning that my mortgage was going to be sold beforehand - at which point I would have told them "It's of little value to sell because I'm about to redeem it anyway". That would potentially have saved me from additional agro and worry, as well as a possible botched completion date.

I also think it would have been far more professional if the new company had been visibly up and running before sending out the letters - it does not inspire confidence that the whole process is being managed effectively at all. Which is not what you want to hear when you are in the process of moving house - there is enough stress and worry attached to that as it is.