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Mortgage
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Jackie_Kenny
Posts: 2 Newbie
Why do building societies sell mortgages on to other companies. My original mortgage was with BBB who changed to Santander who sold it on to Engage Credit who I am less than happy with. What is the criteria for doing this
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To offload debt they no longer wish to manage.0
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Why are you not happy with them?0
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A mortgage is an income producing asset and can therefore be sold on to raise cash for further lending.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Jackie_Kenny wrote: »Why do building societies sell mortgages on to other companies. My original mortgage was with BBB who changed to Santander who sold it on to Engage Credit who I am less than happy with. What is the criteria for doing this
Are you referring to Bradford & Bingley? When the lender was nationalised. Santander bought the branches and retail deposits. The mortgage book was transferred ultimately to UKAR ( who also manage Northern Rock).
UKAR's remit is to realise the assets (mortgages and loans) to repay the loan provided by the Treasury when the banks collapsed due to liquidity issues.0
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