Richard Elderfield

Registered with Property118.com
Wednesday 13th May 2015


Latest Comments

Total Number of Property118 Comments: 8

Richard Elderfield

12:58 PM, 4th July 2015, About 6 years ago

Mortgage Express / UKAR calling in instant remortgages

Never been in arrears probably ltv. Definitely equity in them though... Read More

Richard Elderfield

11:14 AM, 4th July 2015, About 6 years ago

Mortgage Express / UKAR calling in instant remortgages

And a surplus preferable to a shortfall.
I have a few with receivers and while I'd prefer to have control over my finances and planning, I know that their values now far exceed their loans.
On that note, do you know of any instances where they'll return the properties to the owners?... Read More

Richard Elderfield

10:49 AM, 4th July 2015, About 6 years ago

Mortgage Express / UKAR calling in instant remortgages

Hi Mark. know of lots of instances where receivers sold too soon a few years ago resulting in a shortfall, aggravation, bankruptcy etc.

If they decide to call in for whatever reason and put them with receivers, obviously it's less preferable than having control yourself, but against the backdrop of a strong housing market (in London where I work) the chances are they will reduce the outstanding loan and sell at a reasonable price. This results in a surplus for the owner who while didn't want to sell, at least pockets something with no iva etc. Cheap repos don't exist anymore.... Read More

Richard Elderfield

15:37 PM, 2nd July 2015, About 6 years ago

Mortgage Express / UKAR calling in instant remortgages

ok thanks Mark.
Would you agree that unlike the dark days of 2008-09, receivers seem to be more commercial thesedays ie, not flooding the market, clearing the bank's shortfall (on the back of strong rental market) & leaving a surplus before disposal, etc.
In someways, this may be preferable for the owner as opposed to a 30 day fire sale?... Read More

Richard Elderfield

13:55 PM, 2nd July 2015, About 6 years ago

Mortgage Express / UKAR calling in instant remortgages

Hi Mark. If mx calls in the loans, are they likely to give the owner a 'reasonable' amount of time to sell? This will probably involve ending a tenancy.

Surely ii makes sense for them to give a reasonable window, thereby enabling the owner to sell at a reasonable price & repay the debt (assuming they're not in negative equity).... Read More