I’ve done a deal with Mortgage Express

by Readers Question

14:53 PM, 24th October 2017
About 4 years ago

I’ve done a deal with Mortgage Express

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I’ve done a deal with Mortgage Express

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?




Ken Smith

11:34 AM, 25th January 2018
About 3 years ago

Firms like Inside Track perfected their model to a point where, in places like Leeds for instance, they controlled new build values because they controlled most of the new build in the city postcode.
The best way to value new build in general is to wait a while and see what retail buyers have paid via Land Registry. It's not perfect - but gives you a good idea if you are getting a genuine discount off current retail prices. If you are getting a 2 bedder for 120k and the last five retail sales for the same house type have been, on average, 150k, then you are doing ok. Obviously use your own common sense too.
<pOf course, this research could not be done accurately in these places where Inside Track and their like dominated the area and only supplied to investors.
I've always been very wary of dealing with big national builders for new-build investor offers. Many are border-line, or actually, corrupt.

Mark Alexander

11:38 AM, 25th January 2018
About 3 years ago

Reply to the comment left by Ken Smith at 25/01/2018 - 11:34
Isn’t that the company the owner of Property Tribes used to do seminar sales pitches for?

Ken Smith

13:31 PM, 25th January 2018
About 3 years ago

Reply to the comment left by Mark Alexander at 25/01/2018 - 11:38
Hi Mark

If you mean Vanessa Warwick and Nick Tadd, I'm not sure to be honest. I was thinking about Jim Moore and his wife Kim. They went bump in around 2008 and were very controversial - to put it mildly. They ran Inside track and Instant Access Properties too. It was later proved to be a scam.

Is this who you are thinking of https://en.wikipedia.org/wiki/Inside_Track

Jim was arrested in the USA last year in connection with another scam, according to this

Regarding Vanessa and Nick, who ran PT the last I heard - I can't be sure if they ever did any work for them.

Mark Alexander

13:38 PM, 25th January 2018
About 3 years ago

Reply to the comment left by Ken Smith at 25/01/2018 - 13:31
I’m pretty certain that Nick Tadd was heavily involved with Inside Track. I don’t know what involvement, if any, Vanessa Warwick had.

I wasn’t aware that Jim Moore had been arrested, or that Inside Track had been proven to be a scam in the U.K. I was always very skeptical about them though after witnessing their seminar selling pitches where stooges rushed to the back of the room immediately after presentations ended, presumably to encourage others to sign up to their courses and the Instant Access property club.

Chris Novice Shark Bait

14:33 PM, 25th January 2018
About 3 years ago

I also bought four properties from Inside Track in the beginning. I can not only confirm that Nick Tadd did work with inside track, but also either for or with Simon Morris in some capacity.
Scam companies have hounded me with too good to be true promises of recovering my losses with Inside Track/Instant access if I paid up front court fees. I also Lost out to Rhett Lewis & Philip Martin both of whom went bust owing me money.
I have earned my pseudonym, am not proud of it, but will keep it for now. Mark would you welcome further e-mail discussion off line?

Mark Alexander

14:37 PM, 25th January 2018
About 3 years ago

Reply to the comment left by Chris Novice Shark Bait at 25/01/2018 - 14:33
Yes of course mark@property118.com

Ken Smith

11:22 AM, 26th January 2018
About 3 years ago

Mark Alexander

12:01 PM, 26th January 2018
About 3 years ago

Reply to the comment left by Ken Smith at 26/01/2018 - 11:22
Yes we published those when they first came into the public domain. In fairness to UKAR, my own experiences as well as reports I have heard from others since that exchange of correspondence have accurately reflected what was said in the correspondence.

That's no reason to stop being paranoid though, they might still be out to get you!


21:36 PM, 15th June 2019
About 2 years ago

recieved a letter from MX solicitors Hamlins going for repossesion as of recent valuation for new mortgage by RICS is worse than in 2007!

I have told them I have a mortgage offer based on the valuation of 130000 and the difference I can pay off over 5 years monthly on top of my new 85 % mortgage but they wrote back and said no,when I read of Sir Richard Bransons deal with Northern Rock it makes no sense,

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