GE Money & Mortgage Transfer rip off

[tony3x]

I have only just seen this thread so will try to put peoples minds at rest;

1) GE Money are going through a major restructure and are pulling out of the UK mortgage market

 

 

- see here https://www.mortgagestrategy.co.uk/ge-money-stops-lending-following-loan-book-sale/

 

2) The selling of a mortgage book in not unusual for smaller or niche lenders as they do this to fund future lending (although not in GE's case).

 

3) All details of the original mortgage offer will be upheld. The new lender cannot change anything

 

4) Kensington, while not a prime lender, are not bottom rung any more.

Since they re entered the mortgage market they have changed a fair bit.

Their SVR is 3 month LIBOR plus 4.1%. 3 month LIBOR currently stands at 0.6%.

 

Hope this helps

[Peterbard]

Yes indeed, i know a half dozen people who have had there accounts taken over now, and no one has reported any problems.

[merlin100]

So far so good then. But it is still early days.