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Property Sparrow has received two letters about the wholly non-toxic mortgage on one of her flats.
The first was from the Royal Bank of Scotland. They are quite matter of fact. They are pleased to let Property Sparrow know that her mortgage is being transferred to ‘Topaz Finance plc.’
Two days later a letter from ’Topaz Finance plc’ who say that they are very happy that she has joined them as a customer in what they hope will be the start of a long and mutually beneficial relationship.
The two letters contain identical sentences about the payments and the interest rate. ‘The terms and conditions of your loan remain as before, including the rate of interest currently charged, however as part of the transfer a new number has been allocated to your loan account. Your payments will continue to be collected by Direct Debit and the only change you will notice is the name associated with your mortgage payment on your bank statement will change.’
The first was from the Royal Bank of Scotland. They are quite matter of fact. They are pleased to let Property Sparrow know that her mortgage is being transferred to ‘Topaz Finance plc.’
Two days later a letter from ’Topaz Finance plc’ who say that they are very happy that she has joined them as a customer in what they hope will be the start of a long and mutually beneficial relationship.
The two letters contain identical sentences about the payments and the interest rate. ‘The terms and conditions of your loan remain as before, including the rate of interest currently charged, however as part of the transfer a new number has been allocated to your loan account. Your payments will continue to be collected by Direct Debit and the only change you will notice is the name associated with your mortgage payment on your bank statement will change.’
Property Sparrow understands that these remarks are intended to sound reassuring but feels unsettled to have ended up with a mortgage from a company she’s never heard of.
‘We are here to help, so please call our Customer Services Department on 0845………..if you have any questions or concerns.’ Property Sparrow wonders if she should phone to ask why this transfer has taken place. She has no idea. Perhaps it’s some sort of loan sale and RBS are offloading some of their mortgages.
All she can tell you about Topaz Finance Plc is that the headed notepaper is quite pretty; there’s a twinkle to the top left of the ‘T.’
She hopes it’s a jewel.
Free property management software, Free tenancy agreements
‘We are here to help, so please call our Customer Services Department on 0845………..if you have any questions or concerns.’ Property Sparrow wonders if she should phone to ask why this transfer has taken place. She has no idea. Perhaps it’s some sort of loan sale and RBS are offloading some of their mortgages.
All she can tell you about Topaz Finance Plc is that the headed notepaper is quite pretty; there’s a twinkle to the top left of the ‘T.’
She hopes it’s a jewel.
Free property management software, Free tenancy agreements
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2 comments:
The property sparrow doesn't need to worry unduly. It's part of the process called 'syndication' where loans are packaged up and sold to other financial institutions. Unfortunately, this was one of the practices that caused the banks to become bust. However, I'm sure they will have learn't the lessons of the past and not packaged Property Sparrows mortgage with any dodgy loans.
Topaz Finance PLC is a subsiduary of Royal Bank of Scotland PLC.
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