My mortgage has been transferred to another Lender

PCFKJD

Hello all.   Out of the blue I have received a letter from my current mortgage provider to say it will be transferred to a new mortgage lender as of 22 November 2021.   I have never heard of this happening before, so until I get notification from the new provider I'm unsure about what this fully means for me.  Has anyone ever been in this situation and can therefore offer tips, guidance etc?  Many thanks.  

[Deleted User]

which lender to which lender?

luckbox

It sounds like your provider is exiting the mortgage market or selling part of their portfolio. 

It happened to me before and my mortgage was moved and all agreed terms remained as before. Just had a new account with a new provider. There was plenty of communication in what I needed to do, which was not much, maybe set up a new dd

For me it was from ING (who stopped offering services in the UK) to Barclays

PCFKJD

That's great.   Thanks for sharing.  I'll just sit tight then until I'm contacted by the new provider.   

exiledscouser

Same thing with me today. Letter from Metro Bank telling me they have sold my mortgage to Natwest and that nothing will change. 

Does this mean I can exit the mortgage early without penalty as my.contract is with Metro and now Natwest?

[Deleted User]

No, your contract doesnt change

Thrugelmir

exiledscouser said:

Does this mean I can exit the mortgage early without penalty as my.contract is with Metro and now Natwest?

No. The contract that you willingly entered into. Allows for the transfer of a mortgage on the same terms to another party. 

london21

Metro Bank confirms sale of £3bn residential mortgage portfolio to NatWest Group plc ("NatWest")

https://www.metrobankonline.co.uk/about-us/press-releases/news/metro-bank-natwest-mortgage-book/

Metro Bank completes sale of £3bn residential mortgage portfolio to NatWest Group plc

https://www.metrobankonline.co.uk/about-us/press-releases/news/metro-bank-completes-sale-of-3bn-residential-mortgage-portfolio-to-natwest-group-plc/

Edi81

NatWest have bought your mortgage based on the rate you agreed with metro. 

No way would they let you repay early without penalty.