Mortgage Express instructed Valuations without my permission!

by Readers Question

4 years ago

Mortgage Express instructed Valuations without my permission!

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Mortgage Express instructed Valuations without my permission!

Hi All,

Some of my Tenants have been contacted by a company called Landwood group. They are trying to gain access to the properties to perform a valuation, and have requested the tenants provide information regarding the Tenancy Agreement.

I have contacted Landwood, who said they where just the Valuers and gave me the name and number of their contact at Mortgage Express. What right do Mortgage Express have in this regard?

Has anyone else had such a survey and do you know what this is all about?

Should I be worried?

Landwood said that Mortgage Express should have contacted me, but I have received no letter yet.
FYI – I have 12 mortgages with Mortgage Express- all in Essex. I have never been in arrears, and the tenants are all long term.

Many thanks in advance.

Markmortgage express logo


Neil Patterson

4 years ago

Dear Mark,

We have a long running article on the subject of this lender and its tactics called:

Mortgage Express or Mortgage Distress?

see >>

Please Please do read this!

I like you would be very concerned to know Valuations have been instructed without seeking my permission or even letting me know. Very Orwellian!

The key is have you checked all your paperwork and term and conditions to see if they have reserved the right to value your portfolio at any time.

Have any readers had the same?

Yes you should be very worried this sounds like part of the Receiver of Rents appointment process.

With my ex NBS hat on a lender can always reassess their risk by valuing their asset (hopefully at their cost) you'll find a clause in 0.5 size font in your mortgage deed to this effect.

4 years ago

Hi Mark,

I do not think you need to worry until you are clear on the facts of what is happening here.

It may be part of an annual review that MX conduct on some landlords who they feel might be a higher risk, perhaps due to high LTV's.

The best thing to do is contact Mortgage Express and ask to speak to your Area Manager.

For further information, you can also read two threads on Property Tribes, one being an exclusive interview with MX about their "landlord visits" and "right to consolidate" agenda.

You may also need to reassure your tenants that nothing sinister is going on as this visit may "spook" them.

Best of luck and please report the outcome.

Howard Reuben

4 years ago

Hello Mark

Yet again I have been in conversation with another MX landlord (just finished the 'phone conversation actually) and the priority is to now move his mortgage away asap.

As a whole of market Broker my Firm can source and secure solutions from across the board. .... and we're in Essex 🙂


Neil Patterson

4 years ago

Reply to the comment left by "Vanessa Warwick" at "19/03/2014 - 10:18":

From what other readers have experienced I would be very cautious about any communication that gives factual information that could be used as an excuse against you.

If you are paying your mortgages what is wrong with the status quo ?

They are only looking for possibilities of redeeming loans. That is their sole and only purpose as far as I can see.

Adam Hosker

4 years ago

Should I be worried?

Mortgage Express is a "trading as name", you are dealing with UK ASSET RESOLUTION and as their name suggests their job is to close your account and move your properties off of the tax payer loan book.

If you have to allow valuations (via contract), then arrange them with MX. Otherwise I would not be eager to entertain them. Unless the contract states they can contact tenant, then insist that all arrangements must be made trough you - to avoid tenant getting spooked.

Roger Lancaster

4 years ago

Hi Mark.

I completely agree with Vanessa.

I had the same except they sent me a letter a day or so before contacting my tenants by letter. It alarmed many of my tenants and I have gently complained about this to UKAR/MX. and am awaiting a formal response.

I contacted my MX Portfolio Manager who was not aware of this, as he would normally carry out this process/ On investigation it appears MX have changed this to using a valuer because of Health and Safety reasons. He assured me that there was no hidden agenda other than trying to assess the value of certain parts of the UKAR portfolio.

As a result I contacted Landwood Group and arranged a day when I and the valuer could meet together and I could accompany him on all the valuations and re-assure the tenants as much as possible.

Though while I do not trust UKAR/MX, I have at this time no evidence to the contrary to the reasons stated to me by both my PM and the valuer.

UKAR at some point will have to sell off that stock in the portfolio that they have not persuaded landlords to sell or remortgage to another party at a substantial discount in order to meet their 7 year deadline to sell off the assets. These valuations could be aimed in some way in reducing their book but it could also simply be in preparation for the garage sale.

Best to co-operate as much as possible so long as it does not expose your jugular and within reason you have the statement by a UKAR senior executive, referred to by Vanessa on Property Tribes, about being reasonable. Just make sure everything that is said on a phone is backed up by email or a letter confirming the content of the call. Remember the old saying about politicians. 'If their lips are moving they are probably lying but if they put it in writing they are probably not'.

I was about to agree with Vanessa and when I said "worried" I meant be aware of and just start thinking about, then I saw Adam's post.

If UKAR is mentioned anywhere and in any letters then they are the asset managament wing of Mortgage Express and if it is being passed to them to handle then you do need to start thinking about what is happening as normally next stage is they instruct a managing agent with rergional tentacles and they in turn will instruct a local managing agent if there is an agent involved acting for the Landlord.

If not they will soon be contacting you direct if they need to. I agree it is likely to be a portfolio revaluation then they can see if they have any concerns.

Are you well into positive equity?

Trust me they will have a right to revalue and it won't need your consent.

Neil Patterson

4 years ago

MX have tried to sue many Solicitors, Valuers and Brokers for completing on Back to Back deals that the MX sales team and underwriters promoted at the time to gain market share.

I trust my gut and business instinct and they can say what ever they want I beleive they are only interested in recovering capital full stop.

Adam Hosker

4 years ago

To support what @Neil suggests, we had a client looking at the CastleTrust product and had 3/4 properties with Mortgage Express. The client wanted to reduce the loans significantly with the CastleTrust equity (and 10 year term).

You would think UKAR would want significant reduction in 3/4 loans? ... They refused, reducing the loan book does not seem enough, its their intention to close it completely.
"I believe they are only interested in recovering full capital, full stop.."

Above post says, they have the right to value. That would depend on the contract and if they have the right to contact a 3rd party that is not part of that contract. "Scare" the tenants into thinking its "short term" letting. A judge would not look kindly on such interference. It SHOULD go trough the landlord.

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