Amber homeloans bought out?

Prosperous1

Had a letter from my mortgage lender telling me ownership of my mortgage has passed to morag finance ltd. Anyone know anything about them? Says "morag is commuted to maintaining high standards of service. The current terms and conditions of your mortgage will not change as a direct result of this transfer.."

Should I be concerned or business as usual. Are they allowed to.hike my rate above what it is now etc? I'm on a lifetime base rate tracker.. interest only
Thanks in advance

Thrugelmir

Prosperous1 wrote: »

Are they allowed to.hike my rate above what it is now etc? I'm on a lifetime base rate tracker.. interest only

Existing contractual terms have to be honoured.

Mummy2211

I am with/was Amber too, and ours have been transferred to Morag.. And jus this week we've had a letter to say our mortgage is going up..

IAmWales

Mummy2211 wrote: »

I am with/was Amber too, and ours have been transferred to Morag.. And jus this week we've had a letter to say our mortgage is going up..

If you're on a base rate tracker like the OP, you will see a rise in interest rate irrespective of who the lender is.

Mummy2211

Yes I understand that, I didn't realise that the interest rate had gone up recently. Although I have noticed that the payments have been changed from Amber to Morag - There is a £60 difference but they haven't amended the Direct debit that we were on. So I'm actually now behind.