mortgage transferred

Philippeville

Good day all, my mortgage was formally with Northern rock (NRAM). Northern rock sold my mortgage to Tulip , who have now sold my mortgage to Grasmere ltd.

This new company presumably has obtained more than my mortgage but they were only formed as a company in 2019, and are totally unregulated. How can this be.

Any advice would be appreciated.

[Deleted User]

It' fine for them to sell the debt and the age of the company is irrelevant.

Re the regulation  - what company details have been given in the NoA?

davidmcn

It's "Grasmere Mortgages Ltd", not Grasmere Ltd. What does the date of incorporation have to do with anything?

Thrugelmir

Being unregulated their only interest is the debt, i.e. the repayment of. They aren't authorised to transact any new mortgage business. The Company will have been formed to run off the acquired mortgage book from NRAM. 

Tonythomas

What is the Philippeville said:

Good day all, my mortgage was formally with Northern rock (NRAM). Northern rock sold my mortgage to Tulip , who have now sold my mortgage to Grasmere ltd.

This new company presumably has obtained more than my mortgage but they were only formed as a company in 2019, and are totally unregulated. How can this be.

Any advice would be appreciated.

Same here, I'm a returning expat and had no idea about Grasmere. NRAM had website and contact details, Tulip send me regular mortgage statements but Grasmere have no website, no contact details and are not sending any statements! They appear to be Gov registered but not FCA or PRA regulated. They appear to have a London address 'shared' with other companies and I've written to them to contact me without response. My account is not even a bad debt account, I've never missed a payment ever! If anyone has their contact details please pass it on. Next step for me is to take legal action. 

[Deleted User]

What would your legal action be about?

Edi81

Debra can be bought and sold without the borrowers permission or knowledge. 

What is your issue with this?

Thrugelmir

Tonythomas said:

What is the Philippeville said:

Good day all, my mortgage was formally with Northern rock (NRAM). Northern rock sold my mortgage to Tulip , who have now sold my mortgage to Grasmere ltd.

This new company presumably has obtained more than my mortgage but they were only formed as a company in 2019, and are totally unregulated. How can this be.

Any advice would be appreciated.

. Next step for me is to take legal action. 

A futile exercise and a complete waste of money. 

Tonythomas

It's simple, Grasmere is not responding to me, although I continue to make the payments. and it is on this point I will take legal action. As it stands I have no record, statements or balance of my mortgage payments made to Grasmere. Am I supposed to continue to make these blind payments indefinitely? what if I want to pay off the mortgage or arrange a new one? I cannot do any of these things at the moment. My bank has tried searching a contact for the company and even suggest I suspend the payments in an attempt that Grasmere will contact them or me. Like I said if anyone has their contact details I would appreciate it. 

Edi81

From reading the accounts on companies house it appears to be a special purpose vehicle to securitise the cash flows on your mortgage. Totally above board and something that lots of lenders do.

your contract is with tulip mortgage which as you say send you mortgage statements.

Tonythomas

Edi81 said:

From reading the accounts on companies house it appears to be a special purpose vehicle to securitise the cash flows on your mortgage. Totally above board and something that lots of lenders do.

your contract is with tulip mortgage which as you say send you mortgage statements.

No. I understand Tulip has sold onto Grasmere and are now wound up hence no statements are coming from them.