Mortgage Express – Are they looking to break mortgage contracts?
Mortgage Express have written to many landlords warning about a review of current interest rates and repayment types.
The concern of readers is that Mortgage Express may be looking to break mortgage contracts on long standing tracker reversion rates in the same way the West Brom have done. The Property118 organised class action against West Brom is due to have the High Court Appeal heard this month 27th-28th of April.
The letters from Mortgage Express state:
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“Your monthly payments may be changing
We are planning to introduce a new annual payment review to ensure your monthly payments remain on track. This review will consider your repayment type, current interest rate, your payment due date, all payments received, your outstanding balance and the remaining term for each of your mortgages.
The result of this review may lead to a change to each of your monthly payment amounts.
This will be implemented to coincide with the next annual mortgage statement for each of your accounts.
Your annual review
Your annual review will be detailed in all future annual statements, which will show any adjustments to your monthly payment amounts and steps, if any, you need to take as a result.
When you do receive confirmation of your new payment amount, in your next annual statement. please change your monthly payment accordingly. If you pay by Direct Debit, you don’t need to do anything we will automatically collect the new amount from your designated bank account.
Any questions you may have regarding the change to your monthly payment amount will be addressed in the Frequently Asked Questions we will provide with your annual statement. If you have any questions about this letter, call us on 0330 159 2591.”
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Bearing in mind how aggressive Mortgage Express have been in attempting to get as many loan accounts and as much of their lending repaid as possible we do not know how ominous a sign this is yet.
Are they looking to break tracker rate contracts and/or convert interest only loans to repayment?
We will keep you posted with the help of readers.
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Member Since July 2015 - Comments: 247
8:27 PM, 11th May 2016, About 10 years ago
Iwould be very interested to learn what differs between early conditions and 2010 conditions
Member Since April 2016 - Comments: 4
11:54 PM, 11th May 2016, About 10 years ago
Does anybody have a copy of the earlier conditions that they are willing to share so that I can compare ?
Member Since May 2014 - Comments: 145
4:30 PM, 16th May 2016, About 10 years ago
Hello Gary,
Email me at:
[email protected]
as I have a pdf copy of the Mortgage Express T & C’s year 2000 version
Member Since October 2013 - Comments: 804
8:21 AM, 17th May 2016, About 10 years ago
Does anyone have a copy of the original terms and conditions booklet you got when you got your mortgage offer ?
Member Since May 2014 - Comments: 145
9:06 AM, 17th May 2016, About 10 years ago
Reply to the comment left by “astj n” at “09/05/2016 – 17:25“:
Hello Astj n,
Thank you for your honest and full reply, it’s really helpful to get info like that as it helps us all know where we are with MX
Member Since May 2014 - Comments: 145
9:08 AM, 17th May 2016, About 10 years ago
Reply to the comment left by “NW Landlord” at “17/05/2016 – 08:21“:
Hello NW Landlord,
Email me at:
[email protected]
as I have a pdf copy of the Mortgage Express T & C’s year 2000 version
Member Since June 2016 - Comments: 1
9:36 AM, 9th June 2016, About 10 years ago
Reply to the comment left by “Jim S” at “17/05/2016 – 09:08“:
Hi Jim S,
I am also looking for a copy of the ‘Mortgage Express T & C’s year 2000 version’ would it be possible to email me a copy?
Member Since May 2014 - Comments: 145
9:38 PM, 9th June 2016, About 10 years ago
Hello Philip,
I have just emailed 2 people with the MX T&C’s for year 2000
Email me at [email protected] if you need a copy.