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 M Popadopulous

13:47 PM, 10th September 2013, About 8 years ago

we used last 3 pay slips, and a conversation with their employer, with a copy of last 3 bank statements proving income. we were looking at also using Landlordreferencing.co.uk for a more professional service.

i'm new to all this so will take all the advice I can get.

by Mark Alexander

13:51 PM, 10th September 2013, About 8 years ago

Reply to the comment left by "M Popadopulous" at "10/09/2013 - 13:47":

Fake payslips are easy to get hold of and how would you know whether the phone call you had was with a real employer or the tenants mate?

Looking at bank statements is a good idea, especially if they are originals.

LandlordReferencing.co.uk are OK for a quick credit check and lifestyle reference if any of their members have reported previous issues with a tenant. If you want to do the referencing properly though see the link I posted previously.
.

by lauren field

11:41 AM, 30th September 2013, About 8 years ago

Reply to the comment left by "Gary Byrne" at "09/09/2013 - 19:48":

Hi Gary

i am on holiday at the mo and don't really have time to read though all the posts to find out where you are at & if I understand correctly, you are trying to fight this without professional help.

if that is correct, then you need to use the regulations to your advantage in regards to the following :-

1). The banks refusal to allow you to let the property irrespective of a buy to let mortgage.

2). The banks refusal to allow you to make additional payments in relation to any outstanding arrears.

providing you can now afford the mortgage and can pay off the arrears within the remaining mortgage term, the court will not grant a repossession.

You can also request an order from the court for the bank to allow you permission to let the property.

by Lee

21:48 PM, 1st October 2013, About 8 years ago

Can anyone help me fight Mortgage Express?

Over a number of years myself and my late father purchased several buy to let properties, each secured with different lenders and all in my fathers name (I had an ex wife).

Last year my dad passed away, I contacted the mortgage lenders and immediately made arrangements to pay the monthly payments by standing order. I received a letter from ME advising me of their "Death Clause" however no reference was made to taking possession. On the phone they verbally told me that it was a standard letter and as long as they were being paid they would leave me be. The other 3 mortgage lenders took a similar approach so I continued making payments as my dad would have done.

After having the estate valued it became clear that there was little or no equity in any of the properties, however the rental income from each was considerably more than the mortgage payments, this would allow me to maintain the estate until the housing market improves enough to secure a sale.

This morning (13 months after he died) I received a letter from ME demanding payment of the full outstanding £100000 within 21 days. They state that they will instruct a solicitor to take possession.

I'm finding it hard to get my head round since the property is valued around 20k below the outstanding debt, Also by taking this property from the portfolio, I will be unable to manage the other properties, this will inevitably lead to the estate being bankrupted.

ME is owned by B&B who are owned by the Taxpayer, how can they take a mans lively-hood with the end result being a 20k loss for the British public? If they gave me time I can add value to the property and advertise for sale.

Does anyone have any advice?

Thanks

Lee

by Gary Byrne

7:29 AM, 2nd October 2013, About 8 years ago

Reply to the comment left by "Lee " at "01/10/2013 - 21:48":

Hi Lee,
http://www.getoutofdebtfree.org. Go into FORUMS, then MORTGAGES and then down to THE SPANIARD- Challenge your Mortgage steps 1 2 3

There is some sort of illigality in the P.O.A that you signed over to MX in your terms and conditions.

This is not easy Lee and it is quite a roller coaster of emotions. I am struggling with understanding the complexities of it all. Ideally it would be great to get everyone having trouble with MX to come together, collectively we could beat the slimey dirty low lives. My e-mail is garybyrne_uk@yahoo.com. If anyone reading this wants to get together to try to beat MX feel free to message me.

by Gary Byrne

7:46 AM, 2nd October 2013, About 8 years ago

Reply to the comment left by "lauren field" at "30/09/2013 - 11:41":

Hi Lauren,

Thankyou so much for your information.

MX have allowed me to make overpayments but they are still telling me that I have to sell or remortgage.

I am not in arrears but my only worry is that after making extra payments they will foreclose on me meaning I will lose all my money. I do not trust them one little bit.

Where can I find all the information regarding the regulations you have stated?

Once again, thankyou. I need all the help I can get.

Kind regards

Gary

by lauren field

19:50 PM, 11th October 2013, About 8 years ago

Hi Gary

Sorry I. am away on hol and not checking on here much

Tell me what you need exactly or better still give me a 'to the point' update on where you are & I'll work out your best way forward with supporting legislation

by Gary Byrne

14:20 PM, 20th October 2013, About 8 years ago

Reply to the comment left by "lauren field" at "30/09/2013 - 11:41":

Hi Lauren,

Sorry I have not been on here a while, It is the beginning of our season here and I have a ton of work to do. Also I did not want to disturb your holiday.

Bullet points really, (1) I can afford payments on my mortgage, (2) I am not in arrears. (3) Do I need to be living in England to acquire an order form from the courts, (4) Can I appoint a P.O.A (my sister) to do this on my behalf or will I need to come back? (5) Where do I get an order form from? (6) MX have allowed me to make over payments but I do not trust them yet!

I am also reading up on all the T&C´s in my mortgage to find out whether I have signed over a P.O.A to them and If I have what have they signed in my name?

Thankyou kindly for your help and I hope you enjoyed your holiday

Gary

by lauren field

14:21 PM, 4th November 2013, About 8 years ago

Hi Gary

Apologies missed the email alerting me to your response.

how have you got on with your review of the terms and conditions.

If you are making payments and not in arrears, then the legislation I was referring too is irrelevant to your case. However, that said if you are paying your mortgage and the only breach you have made is to let the property then mortgage express would have to take you to court to repossess the property which they would be foolish to do and ONLY then would you begin to fight back.

For me to assist you further I would need proper sight of the terms and conditions.

In addition, I do not see any reason for you to give your sister POA

How long is the remainder of the term for your mortgage?

Can you scan and email me your terms and condtions?

by

14:25 PM, 4th November 2013, About 8 years ago

Hi Gary and Lee,

Sorry to hear about your predicaments with MX.

I got some answers from Mortgage Express on their policies which you can read here:

http://www.propertytribes.com/industry-exclusive-mortgage-express-respond-property-tribes-enquiries-t-9392.html

If you have any specific questions, you could add them to the thread, as MX are monitoring it.


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