Rooftop Mortgage

mary

I started with a 25 year BTL mortgage in 2005 and started with Platform Lending. Along the way it was transferred to JP Morgan Chase and I've been with them for probably the last 5 years. Just today got a letter from them, saying it's now going to be moved on again to Rooftop Mortgages. I've never heard of them. Is anyone else familiar with them and know if they are good/bad etc.

minimike2

They have been around for a fairly long time. Used to use them a little and were pretty indifferent in my experiences.

They no longer lend for new business since the financial crisis.

mary

So, transferring my mortgage to them is presumably not considered "new business" as it's an existing mortgage with a current provider?

I googled them and didn't really find anything helpful. Like their contact details, presumably that will all come in the bumpf I will be sent in about a week's time according to JP.

Is this normal procedure to passed from one mortgage provider to another? What would be the normal reason? Would it be just my mortgage or everyone who is currently with JP being moved on?

amnblog

A mortgage is a financial asset which provides an income (your interest) on capital secured against your home. It can therefore be sold on, or the administration of the asset moved by the owners to a new company.

Your individual terms and conditions should remain unchanged.

Thrugelmir

mary wrote: »

Is this normal procedure to passed from one mortgage provider to another? What would be the normal reason? Would it be just my mortgage or everyone who is currently with JP being moved on?

Your mortgage is simply a debt with an income stream attached. JPM as a major US bank sees this as an opportune moment to cash in their investment. As they can convert the cash generated from selling the mortgages back into US $ at favourable exchange rates.

During the boom years when you first took out your mortgage. Securitising debt and selling it on was a common business model. As was the way of funding new business and growth quickly. Was the way Northern Rock operated. Times have changed. Many of the lenders are now long gone. Just the debt remains until such time as it is repaid.