Mortgage Express Conspiracy Theory

Mortgage Express Conspiracy Theory

14:58 PM, 26th September 2013, About 11 years ago 7

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I would appreciate your thoughts on the following Mortgage Express conspiracy theory.

As we know, Mortgage Express is run by UK Asset Resolution who are tasked with recovering as much money as possible for the tax payer.

If UKAR were to increase tracker margins for Mortgage Express customers, to a point where most landlords were to default on their mortgages, UKAR would be in a position to appoint LPA receivers. This would not affect the number of properties in the PRS but it would mean that a centralised body, controlled by the Government, would control a huge section of the PRS. In turn, that would create jobs in the public sector, it would mean that Jo Public wouldn’t have to deal with rogue landlords and letting agents to anywhere near the same extent and it would also provide a better opportunity for recovery of tax payers funds.

Apart from landlords, can you imagine tax payers not supporting such a scenario?

As I see it, the clock is ticking and landlords only have so much time to diffuse this bomb. The success of a Class Action against West Bromwich Building Society or Bank of Ireland could prevent the above. If a test case isn’t won before the above scenario comes to pass then I’m afraid the PRS as we know it may be doomed.

Mortgage Express Conspiracy Theory



Property118 is leading a Class Action group to fight back by taking a test case to Court if necessary to prove once and for all that amending the margin on a tracker rate mortgage is breach of contract. If you are worrying whether your mortgage lender will follow the lead of Bank of Ireland or West Brom please READ THIS and complete the form below to support this campaign.

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Mark Alexander - Founder of Property118

15:13 PM, 26th September 2013, About 11 years ago

I hope you are wrong but it's an interesting theory and might explain why the FCA have refused to get involved in the BoI case if this has filtered down from government level.

One has to wonder what the guy who wrote the comment below knew back in November 2011?

"You watch the FSA allow the banks to change all your mortgage terms, mark my words. You all think you are safe on your Mortgage Express base plus 1.75% deals don’t you? How safe will you feel when they are allowed to increase your margins to base + 4%?"

Link to the article submitted by "The Banker" in Dec 2011" - see

15:42 PM, 26th September 2013, About 11 years ago

"One has to wonder what the guy who wrote the comment below knew back in November 2011?"

Absolutely FA.
He said-

"Bring on the great house price crash of 2012 I say!"

It is nearing the end of 2013, no crash and house prices are recovering.

If (very big if), he has been sat on £20 mill cash waiting for a crash, he has lost a shedload -along with all his buddies down the wine bar.

History has a great way of showing when people talk b*****ks.

Neil Patterson

16:44 PM, 26th September 2013, About 11 years ago

Who doesn't love a good conspiracy theory?

I did allude (in another thread) to the fact that if I was in Charge at MX I would be watching to see if I could get away with it for this very reason.

However I am hoping that if it was this organised you would not see it drip out slowly with individual banks.

Mark Alexander - Founder of Property118

20:16 PM, 26th September 2013, About 11 years ago

Reply to the comment left by "HB Welcome" at "26/09/2013 - 15:42":

Granted, he got some dates wrong and probably doesn't really have a pot to p155 in and "Those Who Always Talks Success" (do you like what I did with the initials? LOL) However, I do still wonder what he might have overheard in some trendy Docklands wine bar where the FSA are based alongside the city bankers (AKA the wunch of bankers).

For somebody to have made such a prediction back in 2011 that banks would increase margins was considered to be ridiculous at the time. Where did that idea even come from? Did he overhear an early conversation between FSA staff perhaps? I wonder when BoI first consulted the FSA about their plans to increase tracker margins?

In parts I think it's a crazy conspiracy theory but on the other hand the guy made some very strange predictions for everything which has happened now to be pure coincidence.

21:05 PM, 26th September 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "26/09/2013 - 15:13":

Base + 4%? So still cheaper than when the mortgages were taken out. Rents are also 50% higher (this is genuine for my mortgage express secured properties), and there has been probably a 20% hike in other costs. So I'm not worried if there is a hike to that level. My last stress test indicated a 9% level would leave me very concerned!

Mark Alexander - Founder of Property118

21:33 PM, 26th September 2013, About 11 years ago

Reply to the comment left by " " at "26/09/2013 - 21:05":

Fine, please pay the extra 2% on mine then please!

As of 1st December I will be charged 2% per annum more than was contractually agreed.

If you're happy for your tracker margins to be increased more fool you!

It is irrelevant what my stress test is, it could be 50% but I don't give a monkeys about that, West Brom are in breach of contract if they charge me 2% more than we agreed.

Mark Crampton Smith

13:19 PM, 27th September 2013, About 11 years ago

In May I commented on the original BoI string "Congratulations to all on galvanising such momentum in this campaign…… I do hope that you have the right counsel as I cannot believe that there will not be other lenders watching the outcome here like hawks…… Sharpening their talons in case there is finding in favour of BoI"
I do not think that anything has changed.... no need to be a conspiracy theorist...... political will for institutional investment in PRS but no mechanism........... banks need to recapitalize.....lenders have already been experimenting with holding on to repossessions and letting them via corporates such as Countrywide; seems pretty obvious the way it is going, over-geared landlords have done all the hard work for them!!

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