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

Text Size

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 lisa Millen

13:59 PM, 23rd October 2014, About 7 years ago

Reply to the comment left by "Mark Alexander" at "23/10/2014 - 13:50":

I think we'll have to agree to disagree Mark with the lodger v AST !

Cheers though

by Mark Alexander

14:02 PM, 23rd October 2014, About 7 years ago

Reply to the comment left by "lisa Millen" at "23/10/2014 - 13:59":

What do you disagree with?
.

by lisa Millen

15:09 PM, 23rd October 2014, About 7 years ago

Reply to the comment left by "Mark Alexander" at "23/10/2014 - 14:02":

Mark

Whilst much appreciated, I didn't come here for advice, I came to simply express my personal experience with mortgage express ( which may or may not be suitable for others- their choice)and have subsequently just answered your questions.

In regards to lodger/AST you are perfectly within your rights to have an opinion however I have a business purely based on renting out other peoples homes/properties .Therefore I think Im in a pretty good position to completely understand the pitfalls of renting out my property as I do it for others all all day every day and make my decision regarding that accordingly.
I also think Im in a better position to understand my own personal circumstances, the risks involved and what would suit me better. Therefore I am disagreeing with you and , that for me, a full AST would work better
Youre entitled to your opinion to think otherwise however knowing my own situation a little better I simply do not agree with it and have no desire to have to explain my reasoning to you further.
However Im sure for others your advice would be extremely helpful.

Thanks again though for your imput.
Lisa

by Adrian Jones

15:13 PM, 23rd October 2014, About 7 years ago

That's you told then Mark!

by lisa Millen

15:16 PM, 23rd October 2014, About 7 years ago

Reply to the comment left by "Adrian Jones" at "23/10/2014 - 15:13":

ha not at all 😉 Im sure his advice is great. I just came on here to give a bit of info I discovered not debate my own situation

by Mark Alexander

19:09 PM, 23rd October 2014, About 7 years ago

Reply to the comment left by "lisa Millen" at "23/10/2014 - 15:16":

Fair enough, and I wish you all the best.

Thanks for taking the time to comment and share your experiences.
.

by Mrs Valentine

1:10 AM, 6th May 2015, About 7 years ago

Hello can you help please?

I have a residential mortgage with MEx and would like to let the property, purely to save money (moving back to parents) not that I can't afford the mortgage nor am I in any financial difficulty. I've called MEx to see if they will give permission and they have said that I need to talk to an advisor to go through my finances before they give me an answer. Has anyone had any issues in this area? I'm worried that I've opened a can of worms and have visions of them calling in my mortgage lol.

If they say no to letting can I get lodgers and not be in breach of contract?

by Mark Alexander

7:45 AM, 6th May 2015, About 7 years ago

Reply to the comment left by "Mrs Valentine" at "06/05/2015 - 01:10":

You are perfectly within your rights to take in lodgers providing you still live in the property, search "Rent a Room" on this website for details of some very useful tax breaks too.

MX are perfectly entitled to ask you questions about your finances to consider granting consent to let, but you only need this consent if you will not be living in the property. MX are also well within their rights to charge you a fee for providing consent to let, or indeed refuse it.

Good luck
.

by Mrs Valentine

9:10 AM, 6th May 2015, About 7 years ago

Reply to the comment left by "Mark Alexander" at "06/05/2015 - 07:45":

Many thanks Mark 🙂

by clem fandango

21:36 PM, 4th November 2015, About 6 years ago

Does anyone know the situation with MX BTL mortgages and HMOs? Not the standard definition of HMO but our area brought in additional licencing. Do the T&Cs allow this as I cannot find a copy of them?

1 4 5 6 7 8 9 10 11 12 13 14 15

Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

BECOME A MEMBER