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 Gary Byrne

8:34 AM, 22nd May 2013, About 9 years ago

Hi Wendy, I have phoned your mobile, your land line and have e-mailed you. Your reply was we must have the wrong Wendy????????????

by Kathleen Gell

8:50 AM, 26th May 2013, About 9 years ago

This is a worrying situation for you Gary and certainly MOT wishing to rub salt in any wounds but overseas landlords are often unaware of the need to obtain an Approvals Number from the NRL section of HMRC . This number enable rent to be paid to a landlord and avoids the legal requirement for a tenant or agent to deduct 20% tax from the rent and pay it to HMRC on a quarterly basis. Trust your tenants do not get caught up in this one.

by Alan Soloman

13:33 PM, 3rd June 2013, About 9 years ago

Hi Gary

Is the mortgage you have with Mortgage Express one that they arranged or was it one that was 'brought' from another lender, as they did do a lot of buying 'mortgages books'.

The reason I ask is that there may be one or more ways to tackle them and put them on the back foot - something I am doing and the more that do it the belter.

You can email me on gas63@hotmail.co.uk and I can will let you know what I know and see if you can do the same.

by Mark Alexander

15:04 PM, 3rd June 2013, About 9 years ago

@Alan Soloman - the purpose of this website is to share best practice. If you have a tried and tested method which has proven to be successful please share it here for the benefit of the thousands of people who find this article via Google searches.

by

10:29 AM, 14th June 2013, About 9 years ago

Ok I am in a similiar situation where I have a Mortgage with Mortgage Express and I am letting out the property witout their consent. It was meant to be temporary but I would now like to let it out for longer and get permission to let. I did not know before I let the house out that permission to let was required I only found out after and nowwould like to sort it out. Whats the best way to do this without them finding out I am already letting the property out.

by

13:20 PM, 14th June 2013, About 9 years ago

Hi Esa,

My advice would be to contact a mortgage broker and see what deals are available for your circumstances eg rental income, personal income, LTV etc.

In view of Gary's experience I would strongly recommend NOT contacting Mortgage Express until you know what options are available.

Good luck.

by Howard Reuben CeMap CeRER

13:53 PM, 14th June 2013, About 9 years ago

Hi Esa

I do sympathise with your situation and can only endorse Adrian Jones' comment that you discuss your full options with a mortgage broker.

I would add though, that it would be prudent to contact a BTL mortgage broker who has experience, not only of MX but also, of the whole market.

As this thread has shown, there are absolutely no guarantees in todays marketplace and so informed and professional advice is a must.

Gary mentioned in an earlier post "We managed to find a broker that could get us a buy to let mortgage but it comes at a cost and it simply is not worth it."

So, there are possible options (for most people) and depending on your own personal circumstances, you may find that it actually is worth restructuring your current deal, and if not with MX, then elsewhere.

Speak to a whole of market broker for personal, impartial and appropriate advice.

Howard.

by

15:17 PM, 14th June 2013, About 9 years ago

Thx Adrian and Howard appreciate the advise I will start contacting Mortgage Advisers to see what my options are.

by Mark Alexander

15:22 PM, 14th June 2013, About 9 years ago

@Esa - Howard is my recommended mortgage adviser. I invited him to comment here. Check out his member profile 🙂

by A Gold

17:01 PM, 20th July 2013, About 9 years ago

Reply to the comment left by "Recardo Knights" at "22/03/2013 - 22:13":

"make sure you have landlords insurance with M Express listed as interested party. then with"

Would insurance be invalid if ME had not been informed you are renting property out.


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