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Extortion through migration of mortgages - Emex Home Funding Ltd/TMW

(3 Posts)
djibril7 Thu 26-Jun-14 13:32:12

Hi All

I am currently Challenging my so called "lender" The Mortgage Works on my high SV rate. They cannot assist in the rate i am on as my Mortgage was migrated from Emex Home Funding Ltd (subsidiary of Cheshire Building Society) in2011 and they are "administrator only" ????
When i question this no satisfactory response is provided only that Emex no longer exist and The mortgage works (subsidiary of Nationwide) are administrating.
So who determines my rate?? Emex were not my chosen lender i signed into a mortgage with GMAC who sold the mortgage to Emex after 2 months, and then Emex sold to The Mortgage Works. I was informed by letter once the mortgages were migrated over (permission not obtained) I am not fully sure how this works in legal terms and i would like to know if anyone else has encountered this.
I have been asking to be put on a rate reflective of the current BOE rate and i have been denied since 2009 when rates were at a all time low of 0.5% as they are still today.
Had i been treated fairly i would have a much lower payment and gained some equity, I am fighting for fairness and justice as a borrower. Is there anyone else at the mercy of these extortionists and are mortgage prisoners.
Please contact me, as collective voices are louder than one....

43percentburnt Thu 26-Jun-14 16:40:03

Hi. When you signed t and c's with GMAC you will have signed to say when your fixed/tracker/discounted rate ended you would revert to their svr. Unfortunately an svr rarely tracks boe. (Yes some did but certainly not all). GMAC were primarily a sub prime lender, they had a few prime rates but mainly gave self cert, no status, adverse and buy to let mortgages. I Believe a few products will have been linked to libor but most reverted to svr.

They regularly sold their mortgage books on as that is how they were able to lend out mortgage money. That's why you ended up with a different lender.

Have you checked your loan to value this year? House prices have increased significantly and if your mortgage was taken on a repayment basis it should be going down. You may well be able to remortgage away from them.

djibril7 Thu 26-Jun-14 17:11:55

At the time the rate i got was a good one 1% above BOE. i am not challenging that, but why i am not being allowed to move to the SVR of the lender with whom my mortgage is with. As now i am with a high st lender.
Is there anyone else who held a emex loan??

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