In this brief guide, we are going to discuss Whistletree mortgage and what to do if you have received a letter from them.
Who is Whistletree mortgage?
Whisteltree mortgages was formed when TSB acquired the former Northern Rock mortgages and loans from Cerberus Capital Management group in November 2015. The portfolio which was acquired consisted of residential mortgages (and linked unsecured loans) from the legacy book of NRAM (the former Northern Rock mortgage business), which UK Asset Resolution (UKAR) sold to Cerberus.
Whistletree mortgage will now serve as the servicing arm for over 27,000 mortgages and loans.
Many borrowers who initially had a mortgage with Northernrock will have found themselves slowly turning into mortgage prisoners and unable to switch their current mortgage rates due to the fact that their mortgages were essentially sold to unregulated entities who were simply tasked with servicing the mortgage( hence ensuring consumers still paid their mortgages). Since TSB took over the Northern rock portfolio by forming Whistltree mortgage a lot of the so-called “mortgage prisoners” should now be able to refinance their mortgages by switching to better mortgage deals which may be currently available in the market and potentially saving hundreds of pounds each month.
If you have recently received a letter stating that your mortgage had been transferred to Whiseltreee mortgages you can read more about this transfer here.
You will also see some basic information about how the transfer of your mortgage to Whisteltree mortgage affects you here.
Switching your mortgage
Whistetree mortgage also helps a lot of mortgage prisoners from the Northern rock era to potentially switch their mortgage rates with Whistletree mortgage.
Whistletree mortgage offers two main mortgage options.
Mortgage payments stay the same during the fixed rate period so they’re easier to manage
Rates are available on secured loans up to 200% of your home’s value
If you switch to a new rate or repay all or part of your loan early during the fixed rate period early repayment charges may apply
Variable Mortgage Rates
Interest rate will move in line with the Bank of England base rate during the special rate period
If you switch to a new rate or repay all or part of your loan early during the initial variable rate period early repayment charges may apply”
You can find more information about switching your mortgage rates with Whistletree mortgage here.
How to start your whistletree mortgage application?
If you have found a mortgage you want to switch to then you can simply start a switch online or by calling the telephone number.
If you start a switch to a different Whistletree mortgage online then this will be known as an “execution only mortgage” as you have received no prior advice on the matter.
To start the process you can call Whisteltree mortgage on 0330 159 6612* if you are in the UK or +44 (0) 330 159 6612* if you are abroad. Option 2, then Option 5. Please ensure you have your Whistletree mortgage account number to hand.
If you are not sure of which mortgage product may be suited to you then you may want to call Whistetree mortgage and discuss your mortgage options with a mortgage advisor. The mortgage advisor will review your current circumstances and let you know what mortgage they think may be best suited to you.
If you want to change any specific details about your current mortgage such as the mortgage term, the mortgage repayment structure or any other thing then please contact Whistletree mortgage who will book an appointment with a mortgage advisor to see if they can help you
How to contact Whistetree mortgage?
You can contact Whisteltree mortgage on the details below:
By post at:
PO Box 655
Byb calling 0330 159 6615 (8.30am and 6pm Monday to Friday)
If you have a complaint about Whisteltree mortgage then you can contact them on the details above. If after 8 weeks they have failed to provide you with a final complaints resolution or you are not satisfied with how they have handled your complaint then you can complain to the financial ombudsman.
You can contact the Financial ombudsman on the details below.
The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
Phone: 0300 123 9 123
From outside the UK: +44 20 7964 1000
For more information, visit: www.financial-ombudsman.org.uk
The financial ombudsman is an independent free service set up by the government to adjudicate on customer complaints about regulated companies.
Using a mortgage broker
You may want to consider using an independent mortgage broker to switch your mortgage.
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases. This could be over 11,000 mortgage products. This may have some advantages than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle.
This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your remortgage is indeed a possibility before you make a full mortgage application.
Once you have found a home you want to buy or are satisfied with the mortgage offer for your remortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.
Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it, they will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.
In this brief guide we discussed Whistletree mortgage, if you have any questions or comments please let us know.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.