Chris Green

Registered with Property118.com
Wednesday 19th March 2014


Latest Comments

Total Number of Property118 Comments: 11

Chris Green

16:31 PM, 30th January 2016
About 5 years ago

Mortgage Express - Should I redeem?

Hi, I wonder if any members would care to give any advice on my situation. I have 6 MX mortgages, I have no issues with MX at all, yet am concerned a the tactics that I hear they are prepared to use to collect funds in. I am fortunate in as much that I have enough cash to switch to other lenders quite easily. The way I see it, my cash will be then tied up in properties I have remortgaged and no longer in the bank. As I have no immediate need for the cash and the interest rates are poor - so it may as well be used to let me escape from MX and get these revolting characters out of my life. I see it as a no brainer. However, I am wondering if I have missed any obvious pitfalls in my plan. I do realise that all mortgages will have to be redeemed virtually at once with MX because if I do them one at a time then the first one could trigger them calling them all in. I understand that mortgage offers are valid for 3 months - so if I act quickly and efficiently then I reckon I can manage that.
In conclusion, any thoughts, tips, advice, comments would be welcomed. thanking you all in advance.... Read More

Chris Green

10:19 AM, 21st March 2014
About 6 years ago

Mortgage Express UKAR LPA Receivership

Apologies in advance for the lengthy post…please read it all.

@Mark A

Well done with this. It is a fabulous starting point for anyone in distress. This has not been readily available before – but it is now.

Having given this matter some thought, I conclude that UKAR are just at the stage of desperation owing to a few factors regarding low interest rates and their inability to hit their targets set by OUR elected government on getting the money in at any cost.
I could imagine a conversation along the following lines of 2 UKAR policy makers on this theme. Let’s call them P1 and P2

P1 So we’ve managed to get as many customers of MX to remortgage to other lenders, and we’ve done as many repossessions we can of those in arrears – there’s not much to go for now.

P2 Yes I know, as long as interest rates are low then the vast majority of borrowers will easily pay their monthly mortgages and stay out of arrears. It’s so frustrating!

P1 Yes, when rates start to rise, with each rise we will have plenty customers falling into arrears then. That will make it simple for us to hit our targets wont it?

P2 Yes indeed – we’re going to be rushed off our feet by taking back those properties, quite legally, of those loans that have turned bad. But until then, how do we continue to keep the Treasury happy? We need to do something…anything!

P1 Correct. So we have to make things happen then don’t we? If the rotten fruit isn’t falling from the tree naturally, we better give the tree a shake so that we get some of the decent fruit to fall off. That way we can simply keep on reporting our successes tot he Treasury until rates rise and it will be easy then!

P2 What do you mean?

P1 Well we can select certain customers and steamroller them and take their portfolios. We just dream up ‘breaches’ that are totally insignificant but give us enough leverage to frighten them.

P2 Are you talking about residential customers here?

P1 No not at all! In fact – definitely not. The products they have are regulated by the FSA – we would never get away with it! Plus can you imagine the public emotional backlash? The treasury would be furious with us too because their dirty deeds would then be exposed for the world to see. Dont forget there’s an election soon!

P2 Ah, I get it – you mean BTL customers then?

P1 Of course I do. Their products aren’t FSA regulated and there would be nowhere near enough public support for them either.

P2 But wouldn’t that mean that decent tenants are effectively thrown out of their homes?

P1 I suppose so – but as long as we do this piecemeal and get it done quickly, I’m willing to gamble it won’t be a major issue. That is providing the media don’t run campaigns to highlight what dirty tricks we are up to.

P2 So I guess we will hit our biggest portfolio customers then for maximum effect? That will be a very efficient use of resources.

P1 Not necessarily. I think the bigger portfolio customers are pretty savvy and have deep pockets for legal battles. Remember, we are going to be targeting customer here who have NEVER been in arrears! Many of the so-called breaches we create are liable to be ridiculed by a judge if they apply for injunctions before we proceed.

P2 So what are you saying?

P1 I’m saying that we hit the more homespun type customer. The ones who aren’t as strong. The industry is very fragmented. We can take advantage of that. We can hit them so hard and fast that before they have had time to gather their thoughts, we will have the LPA receivers in and start the ride on the slippy slope for them.

P2 I can see the sense in that. They won’t even have time to think straight or make any plans for a legal defence will they?

P1 Exactly.

P2 I suppose this is an option we are forced to take if we wish to meet our grubby little targets that the PEOPLES government have set us.

P1 It’s such pity that decent honest UK citizens, running their businesses and paying taxes AND who aren’t in payment arrears and therefore who have done nothing wrong, need to be picked on like this. But I suppose we can always say the devil made us do it. – Casualties of war etc?

P2 So that’s it then. Until rates start to rise – when we will have so much fruit falling off the tree that we won’t know what to do – we will have to resort to these dirty tricks.

P1 Yes but there’s just a couple of possible clouds on the horizon regarding this strategy.

P2 What’s that?

P1 Well, if these landlords who we choose to surprise, became organised and prepared legally beforehand for our dirty tricks then we are going to find it much harder to get away with all this. Also, if they get themselves organised from a PR and media communications angle then we can so easily be exposed by the media for what we really are.

P2 Do you mean as grubby little underground warriors doing our government filthy work for them?

P1 Indeed.

P2 Fair point – but surely that will never happen. The little people won’t do that.

P1 Don’t be too sure about that P2

I’m totally convinced, based on the tales coming out, that this is a précis of what is happening.

WELL NOW WE ARE ORGANISED A LOT MORE – ALL IN 48 HOURS!

A combination of Mark’s diagnostic initial support combined with Mark Smith’s skills as a barrister we are now prepared.

Combine this with Vanessa’s sterling efforts with a more communicative approach to UKAR, we can say we are at least prepared to fight and expose these people. Like most people I have no issue with hem chasing customers in arrears (even though even in these circumstances they are eye wateringly ruthless), but to hound people who aren’t in arrears is despicable.

We now need to spread the word and link as many interested parties as possible to this thread and PT threads too,

We also need to let as many MX customers who don’t visit the forums about the support structure available.

Strength in numbers.

I’m thinking of examples such as

Other property forums
NLA/RLA etc
Letting agents – they can mail shot their clients
Newspaper contacts
MPs
Local radio

In fact anyone who has a voice – the louder the better.

Thanks again to all concerned who are making a difference... Read More

Chris Green

10:17 AM, 21st March 2014
About 6 years ago

Mortgage Express instructed Valuations without my permission!

Apologies in advance for the lengthy post...please read it all.

@Mark A

Well done with this. It is a fabulous starting point for anyone in distress. This has not been readily available before – but it is now.

Having given this matter some thought, I conclude that UKAR are just at the stage of desperation owing to a few factors regarding low interest rates and their inability to hit their targets set by OUR elected government on getting the money in at any cost.
I could imagine a conversation along the following lines of 2 UKAR policy makers on this theme. Let’s call them P1 and P2

P1 So we’ve managed to get as many customers of MX to remortgage to other lenders, and we’ve done as many repossessions we can of those in arrears – there’s not much to go for now.

P2 Yes I know, as long as interest rates are low then the vast majority of borrowers will easily pay their monthly mortgages and stay out of arrears. It’s so frustrating!

P1 Yes, when rates start to rise, with each rise we will have plenty customers falling into arrears then. That will make it simple for us to hit our targets wont it?

P2 Yes indeed – we’re going to be rushed off our feet by taking back those properties, quite legally, of those loans that have turned bad. But until then, how do we continue to keep the Treasury happy? We need to do something...anything!

P1 Correct. So we have to make things happen then don’t we? If the rotten fruit isn’t falling from the tree naturally, we better give the tree a shake so that we get some of the decent fruit to fall off. That way we can simply keep on reporting our successes tot he Treasury until rates rise and it will be easy then!

P2 What do you mean?

P1 Well we can select certain customers and steamroller them and take their portfolios. We just dream up ‘breaches’ that are totally insignificant but give us enough leverage to frighten them.

P2 Are you talking about residential customers here?

P1 No not at all! In fact - definitely not. The products they have are regulated by the FSA – we would never get away with it! Plus can you imagine the public emotional backlash? The treasury would be furious with us too because their dirty deeds would then be exposed for the world to see. Dont forget there’s an election soon!

P2 Ah, I get it – you mean BTL customers then?

P1 Of course I do. Their products aren’t FSA regulated and there would be nowhere near enough public support for them either.

P2 But wouldn’t that mean that decent tenants are effectively thrown out of their homes?

P1 I suppose so – but as long as we do this piecemeal and get it done quickly, I’m willing to gamble it won’t be a major issue. That is providing the media don’t run campaigns to highlight what dirty tricks we are up to.

P2 So I guess we will hit our biggest portfolio customers then for maximum effect? That will be a very efficient use of resources.

P1 Not necessarily. I think the bigger portfolio customers are pretty savvy and have deep pockets for legal battles. Remember, we are going to be targeting customer here who have NEVER been in arrears! Many of the so-called breaches we create are liable to be ridiculed by a judge if they apply for injunctions before we proceed.

P2 So what are you saying?

P1 I’m saying that we hit the more homespun type customer. The ones who aren’t as strong. The industry is very fragmented. We can take advantage of that. We can hit them so hard and fast that before they have had time to gather their thoughts, we will have the LPA receivers in and start the ride on the slippy slope for them.

P2 I can see the sense in that. They won’t even have time to think straight or make any plans for a legal defence will they?

P1 Exactly.

P2 I suppose this is an option we are forced to take if we wish to meet our grubby little targets that the PEOPLES government have set us.

P1 It’s such pity that decent honest UK citizens, running their businesses and paying taxes AND who aren’t in payment arrears and therefore who have done nothing wrong, need to be picked on like this. But I suppose we can always say the devil made us do it. – Casualties of war etc?

P2 So that’s it then. Until rates start to rise – when we will have so much fruit falling off the tree that we won’t know what to do – we will have to resort to these dirty tricks.

P1 Yes but there’s just a couple of possible clouds on the horizon regarding this strategy.

P2 What’s that?

P1 Well, if these landlords who we choose to surprise, became organised and prepared legally beforehand for our dirty tricks then we are going to find it much harder to get away with all this. Also, if they get themselves organised from a PR and media communications angle then we can so easily be exposed by the media for what we really are.

P2 Do you mean as grubby little underground warriors doing our government filthy work for them?

P1 Indeed.

P2 Fair point – but surely that will never happen. The little people won’t do that.

P1 Don’t be too sure about that P2

I’m totally convinced, based on the tales coming out, that this is a précis of what is happening.

WELL NOW WE ARE ORGANISED A LOT MORE – ALL IN 48 HOURS!

A combination of Mark’s diagnostic initial support combined with Mark Smith’s skills as a barrister we are now prepared.

Combine this with Vanessa’s sterling efforts with a more communicative approach to UKAR, we can say we are at least prepared to fight and expose these people. Like most people I have no issue with hem chasing customers in arrears (even though even in these circumstances they are eye wateringly ruthless), but to hound people who aren’t in arrears is despicable.

We now need to spread the word and link as many interested parties as possible to this thread and PT threads too,

We also need to let as many MX customers who don’t visit the forums about the support structure available.

Strength in numbers.

I’m thinking of examples such as

Other property forums
NLA/RLA etc
Letting agents – they can mail shot their clients
Newspaper contacts
MPs
Local radio

In fact anyone who has a voice – the louder the better.

Thanks again to all concerned who are making a difference.... Read More

Chris Green

17:44 PM, 20th March 2014
About 6 years ago

Mortgage Express instructed Valuations without my permission!

Reply to the comment left by "Vanessa Warwick" at "20/03/2014 - 16:36":

You beat me to this Vanessa!

http://www.thisismoney.co.uk/money/mortgageshome/article-2581170/State-backed-mortgage-lender-ruined-retirement.html

Well done by getting involved too. None of this can do any harm at all. Emma Lunn, the reporter would appear to have the bit between her teeth too thankfully.

Mark plans listed above along with Mark Smith means that in around 24 hours we have collected moved forward and united greatly. Lets all try and keep up the momentum?... Read More

Chris Green

16:31 PM, 20th March 2014
About 6 years ago

Mortgage Express instructed Valuations without my permission!

RE Vanessa comment that the Daily Mail story on Brian Smart has been pulled. It is still up on the This is Money site - which is effectively the money section of the mail online.

Maybe it was a temporary glitch?

http://www.thisismoney.co.uk/money/mortgageshome/article-2581170/State-backed-mortgage-lender-ruined-retirement.html?ito=feeds-newsxml

@Max
Apologies my friend for suggesting you were in arrears!... Read More