my mortgage company moving my mortgage to another company

[Deleted User]

It doesn't seem at all suspicious.

Where is the scam?

Thrugelmir

No scam. Simply a commercial decision. Kensington as a business has been up for sale since last year. 

penners324

Kensington mortgages are selling their mortgages to other companies....

What's wrong with that?

Emmia

Gryffindor2022 said:

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My mortgage was recently adjusted in the last 4 months by Kensington as it was deamed to be locked into old outdated mortgage terms so they offered to change it for a updated mortgage (at ZERO COSTS)  which gave for a much lower interest rate, thus lower monthly payments.....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 ?????

So, Kensington changed your mortgage in a way that ultimately saves you money - and you're complaining?

What is the specific aversion to Pepper? Or do you just prefer the name "Kensington"?

RelievedSheff

Our previous mortgage which started out life as Northern Rock was sold on several times. 

There was never a scam. It was simply a commercial decision and it never left us at a disadvantage. 

Gryffindor2022

They highly pursueded me to update my mortgage with a nice offer of much lower interest rate.
My mortage was locked so that they couldnt make any changes to it (even for the better) or sell it on. 
Within a week of this change being completed they sell it ????

[Deleted User]

Sounds like you got lucky.

It's very common to align t&C's for ease and of course you've benefited from it. It could still have been sold on, without the alignment.

It's not a very good scam.

Emmia

Gryffindor2022 said:

They highly pursueded me to update my mortgage with a nice offer of much lower interest rate.
My mortage was locked so that they couldnt make any changes to it (even for the better) or sell it on. 
Within a week of this change being completed they sell it ????

I'm not sure what your complaint is still? 

user1977

Gryffindor2022 said:

They highly pursueded me to update my mortgage with a nice offer of much lower interest rate.
My mortage was locked so that they couldnt make any changes to it (even for the better) or sell it on. 
Within a week of this change being completed they sell it ????

I think it implausible that any lender would at any point prevent themselves from selling on their mortgage book - so I suspect you (or somebody else) misunderstood what they were saying.

But I don't understand why you think it matters - any sale doesn't affect the terms of your mortgage.

Jolen3

I received the same letter from Kensington saying my mortgage was being transferred to Pepper U.K, from 12 March - tomorrow, I was also classed as a ‘Mortgage Prisoner’ having been with them over 14 years and as such 3 months ago I was put on a reduced interest rate in line with what would be offered to newer customers after signing updated T & C etc in line with what would be offered to new customers, all well and good, however today 11 March I received a letter from Kensington to advise that my interest rate was now going up by nearly 1% - I know interest rates have gone up but not by this much, so I went from 5.2% to just over 4% now back to 5% within 4 months obviously I would move mortgage if I could but it’s not an option at present, no arrears no late payments etc, It would be interesting to know what Kensington rates for new customers, however as they have sold me perhaps it wouldn’t matter now as they have set the rate for Pepper to charge..