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

by Readers Question

16:19 PM, 21st March 2013
About 6 years ago

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

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

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

DRG

7:56 AM, 2nd September 2018
About 8 months ago

Has anyone had recent experience of making a complaint to the Financial Ombudsman after receiving final response from MX ? Looking for guidance on what kinds of information the Ombudsman looks for please. We were not in arrears but our 10 year BTL mortgage had come to an end and we were discussing with MX a couple of ways to deal with the matter, then out of the blue they put the property into Receivership and they have been trying to sell it with about a £40k shortfall likely. But just focusing on the Complaint to the Ombudsman now - any thoughts please
David

Mark Alexander

8:56 AM, 2nd September 2018
About 8 months ago

Reply to the comment left by DRG at 02/09/2018 - 07:56
Hi David

What is the basis of your complaint?

Do you have any way to raise the money to put an offer into the LPA receivers? They must consider all offers, and if they don’t you will have a more valid complaint against them than you would against MX, who are acting within their rights if the loan term has ended and repayment is beyond due.

I suggest you look into the maximum remortgage you can get, then how much money you can scrape together Fromm savings, loans and other remortgages and make a formal offer on that basis. If there is still a shortfall your offer should include a monthly repayment proposal for that too.

I wish you well and please keep us informed of progress.

Adrian Jones

9:52 AM, 2nd September 2018
About 8 months ago

Reply to the comment left by DRG at 02/09/2018 - 07:56
Good luck David. Whatever you do I recommend you avoid Rosinca Mortgages. They took over a mortgage I had with Mortgage Express and are absolutely hopeless.

DRG

10:57 AM, 3rd September 2018
About 8 months ago

Reply to the comment left by Adrian Jones at 02/09/2018 - 09:52
Thanks Adrian
MX have appointed Receivers

DRG

11:06 AM, 3rd September 2018
About 8 months ago

Reply to the comment left by Mark Alexander at 02/09/2018 - 08:56
Hi Mark
MX didn't consider the two proposals we put to them last autumn and without any indication appointed Receivers. We received a final response to our complaint which was upheld because they should have made sure we knew about the Receivership but still didn't offer any compensation or accept either of our proposals.
Just getting the complaint together and thought I would ask Mark Smith to lodge it and take out the anger & frustration but trying to get advice from other investors experience in lodging a formal complaint to the Ombudsman.

Mark Alexander

11:21 AM, 3rd September 2018
About 8 months ago

Reply to the comment left by DRG at 03/09/2018 - 11:06
Our experience of the Ombudsman has been very disappointing.

For example, they found in favour of West Bromwich Mortgage Company increasing their lifetime tracker rate mortgage margins and we had to go all the way to the Court of Appeal to have their decision overturned.

Another contact at Cotswold Barristers you might consider instructing is Charles King. He should be cheaper and more available and has a wealth of experience in these matters.

See http://www.cotswoldbarristers.co.uk/~charles-king

Mark Smith is brilliant, that's why he's Head of Chambers and our preferred barrister for dealing with the implementation of complex tax planning strategies. However, you don't need a sledgehammer to crack an egg.

DRG

12:04 PM, 3rd September 2018
About 8 months ago

Reply to the comment left by Mark Alexander at 03/09/2018 - 11:21
Thanks Mark - it isn't a complicated process but can't quite get a handle on the best way to present the argument.

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