Has anyone heard of Rosolite Mortgages?

Dear Pat,

Please see my editors notes above. The terms and conditions of your mortgage contract should remain the same. Unless you are on SVR which can be changed at anytime even if your mortgage had not been transferred.

From their website: "Rosolite Mortgages, which is a trading name of Topaz Finance Limited"
A year or two ago our MX mortgage portfolio was moved to Jasper Mortgages, another trading name of Topaz, so perhaps they will take on new tranches every so often (with new mineral-themed trading names).
To reassure you, nothing besides the name changed, and we didn't have to do anything.

No changes, except for the name on the letterhead. Their website states "WILL MY MORTGAGE TERMS AND CONDITIONS BE AFFECTED? - No, your rights under your mortgage contract are unaffected by this sale and your existing Terms and Conditions continue to be applied."
However, where we, as mortgage Brokers, are very busy with MX, Rosinca / Rosolite / Topaz etc arrangements is that many are coming to the end of their contracts within the next 12 months and - unless the borrower refinances now - many properties are going to have to be sold for the lender to get their money back.
Many portfolios that we review have high LTV or even negative equity MX deals within them, however ... these MX deals are often part of a wider portfolio and we can re-balance the loans across the assets (not increasing debt, but spreading it to provide substantially enhanced flexibility and mortgage-worthiness) allowing for the impending MX closures to be managed efficiently and profitably.
Always keep an eye on the end dates of these mortgages, and for the wider world always keep an eye on the end of special offer date and also expiry end dates because forward planning can save grief, money and assets / wealth and income.

This company only existed on the 15th July this year yet someone agreed the sale. There are directors that are directors of all three companies Topaz/Rosolite, Bradford and Bingley and UKar. Its interesting that the same names crop up in all these companies and my MP has gone seriously silent over that matter when he is usually very helpful.
Topaz has been on the record as saying that rates will go up quite considerably to cover the cost of the purchase. The fact that Topaz won't send letters or anything over the sale and that as part of the ownership of the mortgage we were never kept up to what the hell is going on.
My mortgage has doubled and they ahve only been in business for 4 days and my mortgage is low £65 a month. Given the conversations about this interest rates will go up and frankly Rosolite when you speak to them offer generalities and never sort of issues.
Our terms and conditions have changed - which makes me think that there is something in the changing of signature by UKar, Bradord and Bingley and Northern and Shell.
When you look deeply at this you will see basically its the same directors most of the time that are involved or have been involved in all three companies.

Reply to the comment left by Howard Reuben CeMap CeRER at 08/07/2019 - 13:16
Sorry as a former Bradford and Bingley mortgage holder I can tell you there are massive changes - like a new T's and C's that is made to look like the old but they can't verify when this new T's and C's came about and there are no longer existing paper work and signatures from the original mortage - so signatures showing exactly what we signed up to,add to that the same directors and company heads are seen in all three comopanies. My mortgage has doubled and I am looking at problems paying the mortage hence numerous court cases from me will be going out soon to chase this. Staff in both B&B and Topaz say that mortage rates will go up to cover costs and the FCA couldn't give a monkeys to the stress these companies deciet is causing and are quite happy for these directors to line there pockest in years to come.
and thats just the tip of the iceberg
and you reckon everythings rosy - brilliant
I am hunting around to move my mortgage before I am abused and fleeced any more.

Reply to the comment left by CiaranPatrick07 at 18/07/2019 - 16:37I'm sorry to hear that Topaz/Rosolite hasn't been as light touch as Topaz/Jasper - with the latter we had absolutely no change other than letterheads, and that was 2-3 years ago.
Perhaps the difference is that our original MX mortgages were all interest only, very low variable rate (tied to BOE), and in safe LTV by the time Topaz took them over. Otherwise: Dunno, sorry!

Reply to the comment left by Richard Peeters at 18/07/2019 - 16:44
Mine is interest only I have 17,000 left on a £450000 house. the point here is that if you look under the hood its all the same people running the show. There are the same directors in topaz and B&B and UKar. Effectively this looks like a job for the boys. We have no paperwork or correspondance and Rosolite only existed 4 days ago. So they can't have an ethos or company stratergy and I personally beleive that this is just a way for the directors to line there pockets whcih is why these companies are being taken to the small claims court for wasting my time and if they want to fleece me then I am insisting as the main part of this mortage that I should at least get a share of teh mortage or at least the company should reduce the rate to one that is more compatible with the high street.
It may be a fruitless exercise asking for my share of the profit but I have the prospect of my mortgage interest going up to Wonga levals as described by quite a few staff in B&B and Topaz.

Ciaran, maybe this Rosolite scandal needs someone to take up the battle on behalf of a whole group of borrowers, not just one at a time.

On this very forum, Mark Alexander led the way to getting a Court decision causing West Bromwich BS to refund lots of borrowers' money (including mine - thanks again Mark!) after WB had unilaterally increased the margin above BOE on their tracker product.