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 Don Holmes

13:49 PM, 23rd March 2013, About 9 years ago

I Spent some time responding to this thread to note that once again as part of it was critical of some of the comments and site management i have been edited out, shame as I believe fair and balanced criticism to be healthy
What is the point?

by Mark Alexander

14:08 PM, 23rd March 2013, About 9 years ago

@Don Holmes - I have not moderated your comments

by

16:21 PM, 23rd March 2013, About 9 years ago

I wouldn't say my comments could be construed as advice in any way.
Just opinions I am expressing as another option to the circumstances raised.
The correct way to respond to these issues that are raised by lenders is always to go the legal route.
My roguish ways have worked out for me; from using credit cards to purchase property; which is in breach of mortgage conditions; using overdrafts to purchase property and pay min payments on CC used to purchase property!
All roguish things to do!!!
You will find that an awful lot of people get ahead by utilising roguish practices;...........I know that is wrong; but using normal practices will keep the little man in his place and allow the rich to get richer!
Roguish practices allow the little man to have a fighting chance against the rich kids.
I for one WILL continue with roguish practices because they work.
Which is why I would NOT personally bother going to court on this case; but I would 'move' back in.
Save a load of grief and then work the system like suggested.
Clearly it is down to the individual which way he decides.
I hope for his sake he makes the 'right' choice; what ever that maybe.
I wish him him every luck with his unfortunate situation and hope he wins whichever way he goes.
NOBODY wants to see MX bully borrowers.
They effectively treat borrowers like the Germans are treating Cyprus!
When you up against the big boys you have to think out of the proverbial box to beat them!?
Roguish practices might be considered as one of those methods.
How do you the little man beat the big one!?
An eternal question.
Despite the faith MA puts in the British legal system I would NOT trust it and would go the rogues route.
But of course that is just me!
Nobody would commend any particular course of action; but it useful to have the various options made available to you before a decison is made.
Which is what a forum is all about.....................................discussion!

by

16:37 PM, 23rd March 2013, About 9 years ago

I wouldn't say my comments could be construed as advice in any way.
Just opinions I am expressing as another option to the circumstances raised.
The correct way to respond to these issues that are raised by lenders is always to go the legal route.
My roguish ways have worked out for me; from using credit cards to purchase property; which is in breach of mortgage conditions; using overdrafts to purchase property and pay min payments on CC used to purchase property!
All roguish things to do!!!
You will find that an awful lot of people get ahead by utilising roguish practices;...........I know that is wrong; but using normal practices will keep the little man in his place and allow the rich to get richer!
Roguish practices allow the little man to have a fighting chance against the rich kids.
I for one WILL continue with roguish practices because they work.
Which is why I would NOT personally bother going to court on this case; but I would 'move' back in.
Save a load of grief and then work the system like suggested.
Clearly it is down to the individual which way he decides.
I hope for his sake he makes the 'right' choice; what ever that maybe.
I wish him him every luck with his unfortunate situation and hope he wins whichever way he goes.
NOBODY wants to see MX bully borrowers.
They effectively treat borrowers like the Germans are treating Cyprus!
When you up against the big boys you have to think out of the proverbial box to beat them!?
Roguish practices might be considered as one of those methods.
How do you the little man beat the big one!?
An eternal question.
Despite the faith MA puts in the British legal system I would NOT trust it and would go the rogues route.
But of course that is just me!
Nobody would commend any particular course of action; but it useful to have the various options made available to you before a decison is made.
Which is what a forum is all about.....................................discussion!
Interesting about expatriat mortgages.
Just goes to show there are more than 1 way to skin a cat!
I would suggest that if I were in a similar position I would want to obtain everyone's opinion as to possible options; as it seems there is NOT just one way of looking at this situation.
Variety as they say is the spice of life!

by

15:41 PM, 24th March 2013, About 9 years ago

From a legal perspective Mortgage Express are in the right, whats to challenge at court.

The borrower breached the contract signed with them and has been profiting at lower mortgage rates because of it.

by Mark Alexander

15:49 PM, 24th March 2013, About 9 years ago

@Gavin - borrower sought permission to let own home under reasonable circumstances, permission unreasonably withheld

by

17:34 PM, 24th March 2013, About 9 years ago

@Mark Alexander

After 4 years of renting it out without permission and living in another country.

That's 4 years revenue at a lower rate than they should be paying. Maybe if the original poster opted to pay back the extra 4 years money owed then maybe you could argue the point that the lender was being unreasonable.

However this is one huge breach, lots of extra money pocketed by the borrower and we haven't got the full financial background of the poster which the lender does.

There appears nothing to fight as the actions are reasonable.

by Mark Alexander

19:43 PM, 24th March 2013, About 9 years ago

What makes you think the MX residential mortgage was cheaper than it would have been on a buy to let basis? What if it was more expensive?

by

23:02 PM, 24th March 2013, About 9 years ago

@Mark Alexander
Because buy to let mortgages are higher risk to the lender than residential thus priced up accordingly due to this raised risk.

by

19:22 PM, 25th March 2013, About 9 years ago

May I ask a different question related to MX?

I helped my brother purchase his flat and legally I own a percentage of it.

However, my brother was the sole borrower on the MX mortgage. It was a residential mortgage, not BTL.

Sadly my brother passed away and I inherit the property. I would like to retain the flat for letting together with the MX mortgage as it is now on SVR at a very reasonable rate. I have been paying the payments by Standing Order since my brother died in order to keep the account going and retain some sort of ‘track record’ with MX on this property (MX are aware of my brother’s death).

Reading all the negative press about MX I am thinking there is not much chance that they will allow me to hang on to it. I would be able to pay it off if I had to, but would prefer not to.

Independently I have a BTL mortgage with MX for one of my properties, also on SVR.

I would appreciate your observations. Many thanks.

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