TSB Sale of Mortgages to Cheldon Financial Services

TSB recently sold my 2 mortgages (both 25yr terms - 17yrs left) to Cheldon FS. I have been paying agreed terms, interest most of capital last 3 years and would like to keep properties

on 1 loan Im e18k in arrears (178k left) but at stretch I could clear arrears and property not in negitive equity
on 2 loan im e108k in arrears (352k left) and property worth e200

Does anyone know if Cheldon is bound by loan term if loan up to date when they take it over?

any advice greatly appreciated

Cheldon Financial Services is bound by the original terms and condition of your loan agreement, that is all. From anecdotal evidence to date, third party purchasers of loans usually go along with the any special arrangements in place between the original mortgagee and the mortgagor that were in place at the time they purchased the loan book. However, having said that, if it is not financially beneficial to the new party to the agreement, they are well within their rights to enforce the agreement if the borrower has broken the original terms and conditions of the loan.

In relation to your question, the simple answer is yes they are, again having said that, if you are up to date on one loan and not the other and the loans are cross secured against each other, or there is an all sums clause within the loan contracts, Cheldon Financial Services could seek enforcement of their securities on both loans as one loan is in default.