my mortgage company moving my mortgage to another company

happyman70

I have been with my mortgage company for over 14 years now. sadly it was kensington mortgage. but today i have a letter to say that my mortgage is being transfered to a company called pepper uk ltd. they said it will be moved in two weeks. I am shocked that there has been no warning. they have also said it is down to them to decide what rate i pay. has anyone had this happen to them. i have never missed a payment and pay little extra each month.

pramsay13

What is the reason given for it moving?
I assume if the rate is changing you will no longer be tied in so could look for a mortgage elsewhere.

Thrugelmir

Companies can sell the mortgages on their books. It's covered in the contract you signed. 

[Deleted User]

happyman70 said:

has anyone had this happen to them. i have never missed a payment and pay little extra each month.

Thousands. 

It's nothing to do with your non-missed payments or overpayments. It's simply a sale of the portfolio.

happyman70

Deleted_User said:

happyman70 said:

has anyone had this happen to them. i have never missed a payment and pay little extra each month.

Thousands. 

It's nothing to do with your non-missed payments or overpayments. It's simply a sale of the portfolio.

is it right to just get two weeks notice. I was shocked when the letter arrived today.

Thrugelmir

happyman70 said:

Deleted_User said:

happyman70 said:

has anyone had this happen to them. i have never missed a payment and pay little extra each month.

Thousands. 

It's nothing to do with your non-missed payments or overpayments. It's simply a sale of the portfolio.

is it right to just get two weeks notice. I was shocked when the letter arrived today.

Until the parties concerned agree a deal. Then it's nobody else business. Your mortgage hasn't changed. You simply pay a new owner every month. 

user1977

happyman70 said:

Deleted_User said:

happyman70 said:

has anyone had this happen to them. i have never missed a payment and pay little extra each month.

Thousands. 

It's nothing to do with your non-missed payments or overpayments. It's simply a sale of the portfolio.

is it right to just get two weeks notice. I was shocked when the letter arrived today.

What is it you're actually concerned about? It just means you're paying a different company. Your rights are the same as they were before.

london21

Just the name of your provider , the terms remain the same. 

RelievedSheff

Is there any particular reason that you have stayed with Kensington for 14 years?

happyman70

RelievedSheff said:

Is there any particular reason that you have stayed with Kensington for 14 years?

The reason why i stayed with them is because i became ill and another company would not remortgage me. we went from two wages to one.

Gryffindor2022

happyman70 said:

I have been with my mortgage company for over 14 years now. sadly it was kensington mortgage. but today i have a letter to say that my mortgage is being transfered to a company called pepper uk ltd. they said it will be moved in two weeks. I am shocked that there has been no warning. they have also said it is down to them to decide what rate i pay. has anyone had this happen to them. i have never missed a payment and pay little extra each month.

I today had the same letter stating the chsange of ownership of my Mortgage that will be done and completed by 12th March 2022.
There was no other or ealier warning that this was going to happen. EXCEPT... they may have scammed me to make this possible.
My mortgage was recently adjusted in the last 4 months by Kensington as it was deamed to be locked into old outdated mortgage terms so they offered to change it for a updated mortgage (at ZERO COSTS)  which gave for a much lower interest rate, thus lower monthly payments..... NOW THIS HAPPENS?????

Seems a little suspicous to me......  Anyone else had this ?????