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Mortgage transfers

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  • Mortgage transfers

    Got a letter a few weeks back - apparently GMAC had "transferred" my mortgage to Advantage, a trading arm of Morgan Stanley.

    Let's be clear - a mortgage transfer means the original mortgage company has sold on the mortgage to another company - apparently much more common in the US than UK.

    The problem is that it means it's left to you to chase down your original building contents policy holder and have the note of interest marked in the new lender's name, replacing the old.

    This can be a hassle if the call centre staff don't put you in touch properly - took me three phone calls to get this done.

    Also, I'd sent a letter to GMAC to allow for overpayments of my mortgage - but now I've got to do this again with Advantage.

    Small hassles, but it's very annoying how it's left to me to waste time chasing up the issue to get the original agreements up to date. And all because the original lender wanted to push harder on its profits.

    The real annoyance, though, is realising that despite my fixed interest rate, I probably paid over the odds on fees...
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