Acenden Limited
Discussion
Simpo Two said:
I'd get on the blower and find out for sure. Maybe one has taken over the other... I guess if you don't like the new owners you can transfer it to another provider.
The letter states my mortgage will be transferred as part of a larger portfolio sale.Indeed, I will see what they are like and remortgage if need be, although not very easy as the property is overseas.
Ozzie Osmond said:
What does it matter? The liability hasn't changed.
I googled Acenden Limited and the results didn't make for good reading!Just a little update on this thread..
have had no problems since Acendon took over ownership of my mortgage so all is good, today however, I received a letter from them offering me the oportunity to settle my mortgage at a discount, if interested the loan needs to be repaid by October of this year, not a huge discount but most of the saving will be lost should I remortgage, unless anyone knows a mortgage specialist for overseas property?
have had no problems since Acendon took over ownership of my mortgage so all is good, today however, I received a letter from them offering me the oportunity to settle my mortgage at a discount, if interested the loan needs to be repaid by October of this year, not a huge discount but most of the saving will be lost should I remortgage, unless anyone knows a mortgage specialist for overseas property?
Just wondered. If you want to remortgate you'll probably need to chuck some more cash in, the discount offer is due to the loan not being particularly desirable which will obviously mean it will be hard to find a new lender. If you had some spare cash it may be worth asking them if you could stay with them and you'll make a large payment if they will match it.
CaptainSlow said:
Just wondered. If you want to remortgate you'll probably need to chuck some more cash in, the discount offer is due to the loan not being particularly desirable which will obviously mean it will be hard to find a new lender. If you had some spare cash it may be worth asking them if you could stay with them and you'll make a large payment if they will match it.
Acendon were happy to buy the loan from GE Money, no idea why the loan isn't desirable as the outstandaing balance is around 1/4 of the property value, don't want to change lenders really as the interest rate they are charging is minimal, I might ask them to match a large payment though Saleen836 said:
no idea why the loan isn't desirable .. the interest rate they are charging is minimal
That's why. The mortgage is worth way below par due to the low interest rate. If they give you a discount and you pay off now at par it accelerates their collections and increases NPV in excess of the discount.NickCQ said:
That's why. The mortgage is worth way below par due to the low interest rate. If they give you a discount and you pay off now at par it accelerates their collections and increases NPV in excess of the discount.
That's interesting. I have a Euro mortgage from a Portuguese lender that is on "pre-GFC terms" (30bps over 6 month Euribor I think). I'm thinking of selling the associated property which would obviously result in the mortgage being repaid. Is it worth me approaching the lender - now BankInter - first, without revealing that I'm considering selling and asking them for a principal reduction (perhaps via a matched repayment) if I agree to contemporary terms? Are banks keen/motivated enough to do deals like this? If so, what sort of reduction should I be aiming for?I'd always assumed that the only way for me to realise the value of the very generous terms I secured back in 2007 was to let the mortgage run its full course.
Edited by WindyCommon on Saturday 8th April 19:38
WindyCommon said:
NickCQ said:
That's why. The mortgage is worth way below par due to the low interest rate. If they give you a discount and you pay off now at par it accelerates their collections and increases NPV in excess of the discount.
That's interesting. I have a Euro mortgage from a Portuguese lender that is on "pre-GFC terms" (30bps over 6 month Euribor I think). I'm thinking of selling the associated property which would obviously result in the mortgage being repaid. Is it worth me approaching the lender - now BankInter - first, without revealing that I'm considering selling and asking them for a principal reduction (perhaps via a matched repayment) if I agree to contemporary terms? Are banks keen/motivated enough to do deals like this? If so, what sort of reduction should I be aiming for?I'd always assumed that the only way for me to realise the value of the very generous terms I secured back in 2007 was to let the mortgage run its full course.
Edited by WindyCommon on Saturday 8th April 19:38
On an unrelated note, do you have a EURIBOR floor in yours? Worth checking as the Spanish banks have been known to apply them whether they were in the docs or not.
Saleen836 said:
CaptainSlow said:
Just wondered. If you want to remortgate you'll probably need to chuck some more cash in, the discount offer is due to the loan not being particularly desirable which will obviously mean it will be hard to find a new lender. If you had some spare cash it may be worth asking them if you could stay with them and you'll make a large payment if they will match it.
Acendon were happy to buy the loan from GE Money, no idea why the loan isn't desirable as the outstandaing balance is around 1/4 of the property value, don't want to change lenders really as the interest rate they are charging is minimal, I might ask them to match a large payment though eta
Acendon didn't buy the mortgage, as I previously said they are purely the serving agents. If you want to know who did either look at your paperwork or use google.
Edited by CaptainSlow on Saturday 8th April 20:29
CaptainSlow said:
Saleen836 said:
CaptainSlow said:
Just wondered. If you want to remortgate you'll probably need to chuck some more cash in, the discount offer is due to the loan not being particularly desirable which will obviously mean it will be hard to find a new lender. If you had some spare cash it may be worth asking them if you could stay with them and you'll make a large payment if they will match it.
Acendon were happy to buy the loan from GE Money, no idea why the loan isn't desirable as the outstandaing balance is around 1/4 of the property value, don't want to change lenders really as the interest rate they are charging is minimal, I might ask them to match a large payment though eta
Acendon didn't buy the mortgage, as I previously said they are purely the serving agents. If you want to know who did either look at your paperwork or use google.
Edited by CaptainSlow on Saturday 8th April 20:29
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