Compare Mortgage Rates from Topaz Finance Against the Market

About Topaz Finance

Topaz Finance Limited is a subsidiary of Computershare, a global financial services administration company. They are a "legal title holder," meaning they legally own and manage mortgage loans that originated with other banks or building societies.

Their business is split into two distinct parts:

1. Closed Book Administration: Managing mortgages acquired from lenders who have left the market or sold off portfolios (e.g., former Northern Rock or Bradford & Bingley loans).

2. Active Lending: Providing the legal and lending structure for Zephyr Homeloans, a brand active in the professional buy-to-let market.

Warning: Do not confuse "Topaz Finance" with "Topaz Mortgages." The latter is often a name used by independent mortgage brokers. Topaz Finance is the lender/administrator, not an adviser.

The "Closed" Mortgage Brands

Topaz Finance operates several trading names. If you are a customer, your mortgage is likely held under one of these specific brands. These brands are closed to new business.

• Hessonite Mortgages: Primarily consists of mortgages originally sold by NRAM (Northern Rock Asset Management) and Bradford & Bingley. If you were with Northern Rock, you may have been moved here.

• Jasper Mortgages: Typically contains mortgages acquired from Capital Home Loans (CHL).

• Heliodor Mortgages: Often manages loans that originated with Together or former Northern Rock "Together" products (which combined a mortgage with an unsecured loan).

• Rosinca Mortgages: Another portfolio of acquired mortgages managed by Topaz.

• Melanite & Siberite Mortgages: Smaller portfolios of acquired loans.

For customers of these brands:

• You cannot port these mortgages to a new property.

• You cannot borrow more money (further advances).

• You can usually switch rates (product transfers) if your specific brand offers them, but options may be limited compared to a high-street bank.

The "Active" Brand: Zephyr Homeloans

While Topaz Finance doesn't lend under its own name, it is the lender of record for Zephyr Homeloans.

• Specialist Buy-to-Let: Zephyr is designed for professional landlords, not homeowners.

• Complex Criteria: They are experts in lending to Limited Companies (SPVs), HMOs (Houses in Multiple Occupation), and Multi-Unit Freehold Blocks.

• Intermediary Only: You cannot apply to Zephyr directly; you must use a mortgage broker.

Pros and Cons (For Existing Topaz Customers)

If your mortgage has been sold to Topaz, here is where you stand.

Pros:

• Professional Servicing: As part of Computershare, they are a large, regulated administrator with established systems for collecting payments and handling arrears.

• Stability: Your mortgage terms and conditions (e.g., your interest rate tracker margin) are legally protected and cannot be changed just because the lender changed.

• Potential for Remortgaging: Being with an "inactive" lender can be a trigger for a broker to help you find a better deal elsewhere, potentially saving you money if you qualify for a high-street lender.

Cons:

• "Mortgage Prisoner" Risk: Because Topaz does not offer new residential deals, you might be stuck on their Standard Variable Rate (SVR) if you cannot pass affordability checks with a new lender.

• No Further Borrowing: You cannot tap into the equity of your home for home improvements or debt consolidation.

• Limited Product Transfers: Unlike a bank like Santander or Halifax, which offers existing customers endless new fixed rates, "closed book" lenders often have fewer (or no) retention products to switch to.

Customer Service and Reviews

Topaz Finance generally receives mixed feedback, which is typical for closed-book administrators.

• Positives: Their administration is generally efficient, and they have specific teams for vulnerable customers and those in financial difficulty.

• Negatives: Many customers are frustrated simply by being with them, as they didn't choose Topaz (their mortgage was sold to them). Common complaints relate to being unable to switch rates or frustrations with the legacy terms of their original mortgage (e.g., high SVRs from the original lender).

How to Apply (or Leave)

New Customers (Zephyr Homeloans):

1. Find a Broker: You must use a mortgage broker to apply for a Zephyr buy-to-let mortgage.

2. Assessment: The broker will check if your property portfolio fits Zephyr's criteria.

Existing Topaz/Hessonite/Jasper Customers:

• To Leave: Your best option is usually to remortgage to a different lender. Because Topaz is not an active high-street bank, you may find better rates elsewhere. You should speak to an independent mortgage broker to see if you can pass the affordability checks for a new high-street mortgage.

• To Stay: If you cannot leave (e.g., due to credit issues or low income), you should call Topaz to see if they offer any "product transfer" rates to stop you sitting on a high variable rate.

Get started here to book a free, no-obligation chat with a mortgage broker who can explore all of your lending options with you and help you find the best solution.