Mortgage Express are forcing me to sell my home – HELP!

Mortgage Express are forcing me to sell my home – HELP!

16:19 PM, 21st March 2013, About 9 years ago 148

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Mortgage Express are forcing me to sell my homeI own a property in the UK that I rent out since being made redundant, getting offered work in Spain and moving approx 4 years ago. My UK property is my only home and I intend on returning to live in it when the UK comes out of recession and I can get a decent job again. I have a standard variable residential mortgage with Mortgage Express.

I did not tell Mortgage express initially that I was renting my house out as it is my only home, I plan to return there and I do not know how long my work will last in Spain.

They have now been advised and are refusing to give us permission to rent the property out. Therefore they are saying that we are now in breach of contract. They are giving us no options whatsoever with them, they won’t change us to a buy-to-let mortgage and they will not give us more time to improve our LTV rate to be able to remortgage with another company.

We have been told we can not currently remortgage as the LTV is very high and we live in Spain. We are unable to sell as the sale price will not cover the mortgage, second charge on the property and the sale/solicitor fees.

Mortgage Express as saying that if we do not do any of these they will foreclose the mortgage and repossess our home.

We have been a loyal customer for 10 years, we have never been late or missed a payment, and now we have very good, loyal, paying tennants who is enabling us to pay the mortgage each month.

On top of the monthly mortgage payments we want to pay them extra to repay the capital as quickly as we can, or at least lower the mortgage value to improve the LTV.

They will do not do anything to help us.

We feel we are being treated very unfairly. Where they have been bought out by the Government they have changed their policies and taken away all of our options. We did not give permission for these changes, we did not sign anything to adhere to their new policies and we want to know how that affects the mortgage contract with us and if we have any case against them.

All advice very much appreciated.

Gary Byrne



Comments

by Ian Narbeth

17:15 PM, 9th September 2013, About 8 years ago

Reply to the comment left by "Gary Byrne" at "09/09/2013 - 16:39":

Gary
I am not saying you are a criminal. I am sorry you find yourself in the predicament you are in. I am not calling you fraudulent and my comments were addressed as much at some of the rather crass posters as at you. I was issuing a warning that the Fraud Act can apply to some of the things landlords do and to warn borrowers that it is not just a question of their bank taking civil action.

That said, as you acknowledge, you did not get a BTL mortgage. Unfortunately, the fact that you did not do so because you could not afford to does not cut much ice with the courts. Simply cursing bankers for causing the problem will not help. You need to do a reality check. Whilst you may take comfort from supportive words posted on boards like this, you will be even more disappointed in the long run if the bank has legal right on its side. Sorry, but life is sometimes tough like that.

If you cannot afford a solicitor, you might try the Citizens Advice Bureau. They are usually helpful if your home is at risk. If you are in London, I know a retired City property solicitor who works for the CAB and I could put you in touch.

by Gary Byrne

19:48 PM, 9th September 2013, About 8 years ago

HI Ian,

I did not get a BTL because MX no longer had one to offer. Why should their mess come back on me? I am now in a much better financial position so I offered to pay more money into the mortgage but they refused. I asked if I could pay off lump sums to reduce the LTV, they refused. Got my local MP to do it for me and suddenly, as if by magic they comply. I too have legal rights and human rights on my side, so MX will have a fight on their hands. I would appreciate some help from your friend, if that is OK. My e-mail is garybyrne_uk@yahoo.com.
Thankyou kindly

by M Popadopulous

13:02 PM, 10th September 2013, About 8 years ago

My Partner is looking to move in with me, she currently has an IO mortgage with Mortgage Express, of 106k, so we are looking at gaining Permission to Let from ME, The problem is she has currently gone self employed and we are fearful that as she will be unable to provide payslips, and income records other than her last employment which ceased in July that they will decline the request, and further more, try to re-posses the house/force her to sell based on lack of confirmed income. even though she is earning enough to cover the mortgage.

Any Advice greatly appreciated

by Mark Alexander

13:09 PM, 10th September 2013, About 8 years ago

Hi Martyn

I recommend you and your partner to read this thread fully to understand the potential consequences of whatever you decide to do.

If your partner applies for consent to let (which is what I would do) and is subsequently declined, what will you do?

Could you move into her property and obtain consent to let on yours?

Could you jointly refinance the property onto a BTL mortgage? You haven't said what the value of the property is or how much the rent is likely to be, that would be very helpful.

If none of the above are possible then selling the property may be the only viable option.
.

by M Popadopulous

13:17 PM, 10th September 2013, About 8 years ago

Thanks Mark,

We have in principle a proposal to rent the property at £1000 per month inluding Bills, this is subject to us getting the permission in place, the IO mortgage per month is £233, there is little equity in the property, but this will also depend on the lenders valuation.

But the figures more than stack up in my opinon

by Mark Alexander

13:24 PM, 10th September 2013, About 8 years ago

Reply to the comment left by "Martyn Pope" at "10/09/2013 - 13:17":

Hi Martyn

Why would you include bills?

How many people would be living in the property and where is it? The reason I ask it that bills inclusive usually relates to shared houses (AKA HMO's or Houses in Multiple Occupation). Depending on where in the UK the property is located you may require an HMO licence if there are three or more people sharing.

I suggest you discuss your options for restructuring your finances, just in case MX decline permission to let, with a qualified IFA/Mortgage broker. Please see >>> http://www.property118.com/member/?id=314
.

by M Popadopulous

13:27 PM, 10th September 2013, About 8 years ago

Reply to the comment left by "Mark Alexander" at "10/09/2013 - 13:24":

this is a single occupant, and the Bills inclusion was at the request of the tenant, and we agreed based on the rental income.

by Mark Alexander

13:31 PM, 10th September 2013, About 8 years ago

Reply to the comment left by "M Popadopulous" at "10/09/2013 - 13:27":

Oh I see, so it's already let then?

mmm, that makes things a bit more tricky, especially when MX find out as you will already be in default and in a similar position to Gary who posted the original thread.
.

by M Popadopulous

13:32 PM, 10th September 2013, About 8 years ago

no not let at present, as I said its a proposal subject to the AST being signed and Permission to let being agreed, otherwise all bets are off.

by Mark Alexander

13:41 PM, 10th September 2013, About 8 years ago

Reply to the comment left by "M Popadopulous" at "10/09/2013 - 13:32":

PHEW!

Just as a matter of interest, how did you reference the tenant?

You may find this useful >>> http://lettingagentsonline.co.uk/free-guide-to-finding-perfect-tenants-2/

They will do the formal referencing for you even if they didn't find the tenant for you - also see >>> http://lettingagentsonline.co.uk/tenant-referencing/
.
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