My mortgage has been bought out ….is this allowed ???

Nicknackbecks

Hi, 
I’m putting to enquire if anyone else has had this happen to them . 

Since my divorce I’ve had a interest only mortgage with Oakwood Homeloans  ltd for past 10 years . 

With very little notice I was informed my mortgage was being taken over by a company called Engage credit . 

I have been in the process of having MyOakwood Homeloan ltd mortgage audited for unfair charges, interests , costs applied etc and now I’ve had my mortgage taken over . . . . Can they just do this ??? Syrely I signed a mortgage agreement for Oakwood homeloans ltd and haven’t signed anything with this new Engage credit . Am I protected at all ?? Is there anything I should do to protect myself . 

I’m shocked a mortgage company can or would just do this . 

Has anyone else had this experience recently and can advise me accordingly ?? 

amnblog

Yes, they can do this.

Your debt generates interest and it secured on your home. This makes it an asset to the entity that buys the debt.

Mortgage accounts are commonly traded. It does not affect the terms of your deal.

Edi81

Happens fairly frequently. Somewhere buried deep in the T&C that you signed up to it will say it can be sold on. 

ACG

It is fairly common in non mainstream lenders. 
It wont be just mortgage though, they will have packaged up maybe £100m + worth of mortgages and sold them on as a job lot so to speak. 

user1977

Nicknackbecks said:

Is there anything I should do to protect myself . 

Protect you from what? It doesn't affect the terms of your mortgage.

getmore4less

Any liability should go with the transfer.

Are you paying for the Audit?

Should have been fairly easy to knock up a spreadsheet and check it yourself.

[Deleted User]

Halifax (or LBG anyway) bought loads of Tesco mortgages a few years back.  I think Santander were going to buy Sainsbury's book but didnt go through with it. 

Happens in the mainstream world as well although not as frequently as the sub prime

dunstonh

I have been in the process of having MyOakwood Homeloan ltd mortgage audited for unfair charges, interests , costs applied etc and now I’ve had my mortgage taken over 

Be on guard with this. Some of the companies that are active on this promise a lot, fail to deliver and hit you with a bill in the process (usually by initially telling you that it wont cost anything).

Syrely I signed a mortgage agreement for Oakwood homeloans ltd and haven’t signed anything with this new Engage credit . 

The name of the company is irrelevant.  The terms of your contract are maintained.

I’m shocked a mortgage company can or would just do this . 

Why do you think a financial company should be any different from any other company that exists?