The borrowers, many of which have multiple mortgages, began receiving letters with details of the transfer to its subsidiary Topaz Finance Limited under the trading names, Jasper Mortgages and Rosinca Mortgages this month.
Buy-to-let borrowers reported receipt of the letters on a property forum, with 44,200 customers and 15,600 accounts transferred to Rosinca Mortgages and 8,800 customers with 15,600 accounts to Jasper Mortgages. All affected customers will receive letters by Friday 16 February.
In March 2017, UK Asset Resolution (UKAR) sold two loan portfolios of Bradford and Bingley assets to Prudential and Blackstone, holding 104,000 buy-to-let loans, to be administrated and serviced by Computershare Loan Services for a 12-month period.
The move reduced UKAR’s balance sheet to £22bn from the £116bn it originally took on in 2010.
The customers will see no changes to terms and conditions of the loans and the transfer will happen in the near future.
Borrowers have been reassured that the relevant credit reference agencies will be informed and the change will not affect credit score.
Computershare originally began servicing UKAR mortgages in June 2016, making it the UK’s biggest outsourced administrator.
The Australian giant, formerly HML, which was bought in 2014, which gained mortgage lending permissions in 2016, confirmed at the time the lender was looking for a route into the UK mortgage lending market.
See more details on Rosinca Mortgages here.
