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SPML/Lehman Mortgage

Sammy_Girl
Sammy_Girl Posts: 3,412 Forumite
in Mortgages & endowments
Afternoon All,

I found out yesterday on here that Lehman own SPML, who in turn own my house - via mortgage.

Does anyone know where I stand here with my mortgage? I am on a fixed rate of 6.29% until 31/03/09.

Is it worth calling them? Will the employees be there to answer the phone??

Many thanks in advance

Comments

  • beecher
    beecher Posts: 2,497 Forumite
    From the guardian
    Will UK consumers be affected by the Lehman collapse?

    Very few UK consumers have direct exposure to Lehman Brothers, but it did have some mortgage customers in this country. If you took out a mortgage with one of Lehman's two subsidiaries - SPML and Preferred - your mortgage is likely to sold on by the administrators. You will not be immediately affected by the move and should continue to repay your loan as normal.
  • Sammy_Girl
    Sammy_Girl Posts: 3,412 Forumite
    Thanks Beecher.

    If it is sold on to another company, are they still bound to adhere to SPML's T&Cs, in particular the APR?
  • kjharve
    kjharve Posts: 38 Forumite
    Sammy_Girl wrote: »
    Thanks Beecher.

    If it is sold on to another company, are they still bound to adhere to SPML's T&Cs, in particular the APR?

    Both you and the new owner of the debt will be bound by the same T&Cs.

    They would only be able to change the rate if it is within the T&Cs. To put it simply; if you're on a variable rate then they could change the rate, if you're on a fixed rate then they can't.

    I wouldn't panic though - as the Guardian article says, it is unlikely you'll notice any difference.
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    I think SPML sold a lot of thier mortgages on as CDOs - those are the very route of the world credit crunch! Investors bought bundles of CDO's but know one really knew what each contained.

    Now many of the underlying mortgages within those CDOs are defaulting, particularly in the US, which is what brought Lehman down.

    You have nothing to worry about. Who ever now ownes your debt and property must abide by the terms of the original mortgage contract.
    Far worse if they had your savings - then you would have something to worry about, which is the case for investors into Lehman stock
  • Sammy_Girl
    Sammy_Girl Posts: 3,412 Forumite
    Thank you.

    That has put my mind at rest. My fixed rate ends 31 March 2009, so I will start looking for another mortgage in the new year.

    It will be interesting to see what happens though!!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    AcendenActionGroup wrote: »
    We watch closely

    Why not just make a post of your own than recycle redundant threads.
  • Antispam
    Antispam Posts: 6,636 Forumite
    1,000 Posts Combo Breaker
    He wants to plug his crappy site in sig
  • little_miss_spender
    little_miss_spender Posts: 84 Forumite
    Antispam wrote: »
    He wants to plug his crappy site in sig

    Can I just ask you antispam what is your problem with people who are discussing SPPL/Acenden etc because you seem to have some kind of thing going on, why does it upset you so much? Just wondered by the nature of your comments! I thought forums were about helping people not personal digs etc. or am I wrong??
  • dunstonh
    dunstonh Posts: 120,173 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    little_miss_spender wrote: »
    Can I just ask you antispam what is your problem with people who are discussing SPPL/Acenden etc because you seem to have some kind of thing going on, why does it upset you so much? Just wondered by the nature of your comments! I thought forums were about helping people not personal digs etc. or am I wrong??

    The post in question was against board rules. The board removed it. So, antispam was spot on.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
This discussion has been closed.
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