Mortgage Express Buy to Let end of term issue
I have 3 Mortgage Express buy to let’s. They were taken out in 2005 for 10 years interest only (although I have been repaying capital) When they were taken out in 2005 I was told by M/E that there would be no problem renewing them at the end of the term should I wish to do so.
This is now not the case and Mortgage Express want to know how and when the mortgages will be repaid. Short of selling one of the properties which I do not want to do, I can raise just over 85% of the outstanding Mortgage sum.
Has anyone experience M/E’s policy under these circumstances, will they take an offer or push for one of the properties to be sold. Each mortgage will have in the region of about £8000.00 outstanding when I pay 85% off.
Many thanks
Ady
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Member Since July 2013 - Comments: 193
10:45 AM, 18th December 2015, About 10 years ago
Hi Ady.
Sorry to be the bearer of bad news, but unfortunately the answer is NO CHANCE.
Member Since July 2013 - Comments: 193
10:49 AM, 18th December 2015, About 10 years ago
Apologies for that last comment, it entered before I was able to complete.
Mortgage express are all about taking back the money they are owed by whatever means at the moment, and will be expecting every penny back they ever lent you, even if that means repossessing your property.
Back in 2008, they were bought out by the government, and ever since then they have carried out all sorts of tactics to get their money back, most of which are well documented on this site.
In all honesty, you are one of the lucky ones, in that you have so far escaped their mission to get their money back early. I would be thankful for what you’ve got so far, and try and remortgage if at all possible.
Member Since September 2013 - Comments: 33
11:09 AM, 18th December 2015, About 10 years ago
This is tiresome but Mortgage Express have given us plenty of warning it was going to happen . It is also unfortunate because I have always found ME pleasant and straightforward to deal with.
One of our mortgages with them came to the same end and we had to go elsewhere and as ever the transfer was not perfectly smooth but ME were reasonable and helpful….I just hope it is the same when the next one comes up.
Member Since November 2014 - Comments: 16
1:28 PM, 18th December 2015, About 10 years ago
I can understand to some degree lenders that are no longer in the mortgage market wanting to get their money back, but I am in a similar position with a lender still lending, yet have refused to extend the term. Where is the logic in forcing me to repay, only to then relend the money?
Member Since July 2013 - Comments: 193
3:04 PM, 18th December 2015, About 10 years ago
In your case Robert, probably arrangement fees, etc 🙂
Member Since July 2013 - Comments: 27
6:32 PM, 18th December 2015, About 10 years ago
May be you could pay one off, refinance that with another lender and have enough to pay off the remaining two.