Kensington mortgages have transferred our account to Mars Capital Finance

[Still Waving]

That's good to hear. You must both be relieved of a huge amount of stress.

[Spent2much]

Selling off non performing loans has been a feature of recent years. An example of this is the Bank of Ireland selling off non performing mortgage loans to CarVal and Mars Capital a few months ago.

https://www.irishexaminer.com/busine...-41002124.html

It can't hurt to ask Mars for a copy of the mortgage agreement when they start writing to you.

Just been in contact with the company who have a charging order on our property , Kensington sold our mortgage to Mars Capital , and the charging order is still there as Mars Capital have just told us that they can buy mortgages with charging orders on it , but then she said they have to be paid off when a property is sold , so can a company buy a mortgage with a charge on it without it being cleared ?

[Still Waving]

Just been in contact with the company who have a charging order on our property , Kensington sold our mortgage to Mars Capital , and the charging order is still there as Mars Capital have just told us that they can buy mortgages with charging orders on it , but then she said they have to be paid off when a property is sold , so can a company buy a mortgage with a charge on it without it being cleared ?

The pertinent point is when the property is sold, then the solicitor acting for the homeowner (debtor) deducts any monies due under the Charge, from the proceeds of sale.

[Spent2much]

The pertinent point is when the property is sold, then the solicitor acting for the homeowner (debtor) deducts any monies due under the Charge, from the proceeds of sale.

Thanks I do get this part of the conditions , but Mars capital bought the mortgage and the charging order is still there , so if we are not selling the property but only switching companies then will this charging order stop us from switching , and if so why different for us but not for Kensington and Mars Capital ? I'm just trying to understand .

[Still Waving]

Thanks I do get this part of the conditions , but Mars capital bought the mortgage and the charging order is still there , so if we are not selling the property but only switching companies then will this charging order stop us from switching , and if so why different for us but not for Kensington and Mars Capital ? I'm just trying to understand .

If you are considering switching mortgage providers, what you need to make yourself aware of are a) the policy of a new lender regarding lending where there is a charging order in place, and b) the rights of the holder of the second charge (charging order). I don't know whether it is a fact, but I have seen it suggested a couple of times that in a remortgage with a different provider, the second charge becomes the first charge, by virtue of having been registered earlier than the new lender.

This is where you need proper legal advice, or at least consult with your proposed new lender first.

Kensington and Mars only sold/bought the rights attached to a debt, which is entirely different to arranging secured finance on a property which you own.

[Spent2much]

If you are considering switching mortgage providers, what you need to make yourself aware of are a) the policy of a new lender regarding lending where there is a charging order in place, and b) the rights of the holder of the second charge (charging order). I don't know whether it is a fact, but I have seen it suggested a couple of times that in a remortgage with a different provider, the second charge becomes the first charge, by virtue of having been registered earlier than the new lender.

This is where you need proper legal advice, or at least consult with your proposed new lender first.

Kensington and Mars only sold/bought the rights attached to a debt, which is entirely different to arranging secured finance on a property which you own.

Thank you, that makes sense now . You made more sense than the NDL lol