New EICR to cover any changes made by outgoing tenant?10:00 AM, 4th May 2021
About 2 weeks ago 94
I’ve read many bad reports about the tactics of Mortgage Express to call in loans so when the Divorce Courts ruled that two properties mortgaged to them had to be transferred into my name only and that my husbands name had to be removed from the mortgages I was naturally concerned. The mortgage rates are unbeatable in the current market so refinancing would incur both fees and higher interest rates.
I also have other mortgages with Mortgage Express so I was worried they’d tell me I needed to refinance the two and then use their “right to consolidate” to call in the others.
Nevertheless, I had to do something so I decided to bite the bullet and write to them to explain my predicament. My letter pointed out that all LTV’s are better than when the mortgages were first taken out and I provided evidence of that. I also pointed out that none of the mortgages had ever been in arrears and that all T&C’s have always been adgered to.
To my surprise they wrote back to me to ask me what’s in it for them, and to say they would consider my proposals if they considered them to be reasonable.
My proposal was to reduce the mortgage term from 10 years to five (still interest only) and to repay an extra £50 a month.
They rejected that offered and countered with five year interest only plus an overpayment of £100 a month.
I’ve asked my solicitor to consider their offer to make sure i’m not missing any dirty tricks but everything appears to be above board.
Has anybody else had any similar experiences and is there anything I should be wary of?
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