Mortgage Express instructed Valuations without my permission!

Mortgage Express instructed Valuations without my permission!

9:45 AM, 19th March 2014, About 10 years ago 80

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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

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Max Cave

13:05 PM, 24th March 2014, About 10 years ago

@Paul - Warning- As Vanessa has stated already, I can also confirm that UKAR will consolidate your debt on the portfolio when you sell your property. Hope you don't have cgt to pay on that as you will not be left with any equity on completion.
@ Stephen King - sorry to hear of your circumstance. Your story is a familiar one as I have seen it first hand with my business partners.

See the above thread!!!! There were plenty who stood, fought and lost. Thanks to everyone on this thread for spreading the word of this injustice.

Max Cave

13:08 PM, 24th March 2014, About 10 years ago

Sorry I meant Stephen King and not Chris Green

Paul Machin

16:00 PM, 24th March 2014, About 10 years ago

I think there has been some scaremongers on here.

Following Vanessa's sensible advice I contacted MS or UKAR as they are now called.

Yes, I have a relationship manager, Christine Stevens. I asked her specifically about what I have read here and in the latest edition on the NLA magazine. i.e full consolidation on any sales of ME mortgaged properties.

To be honest, I was expecting the worst, but I was assured that they only consolidate loans if any properties within the portfolio are in negative equity. They use The halifax house price index online calculator for an instant valuation. wether it is accurate enough is another discussion, but this is what they use.

I have 7 loans with them and instantly she highlighted one that may be in negative equity. Now when I say negative equity, what I mean to say is, they require a LTV to be 85% LTV. The one property highlighted was 90% LTV. So in this case I would be required to make a contribution to bring this one property in to line of 85% LTV. Seems fair enough to me and not too painful.

She has agreed to put this in to writing for me. I suggested that when and if I decide to sell that I will contact her again. She agreed that it would be a good idea and she will give me a redemption statement also at that time highlighting any consolidation requirements.

My assessment is if you run a sound portfolio then you are ok. Always speak to the lender and get any agreements with relation to consolidation in writing before you put a property on the market.

Max Cave

16:28 PM, 24th March 2014, About 10 years ago

Well that's good news for you Paul and that is good information to have with regards to debt consolidation above a certain LTV!
However the concerns addressed here are very real for many out there. You have just said 'fair enough' to the UKAR's debt consolidation formula because you are fore warned now, whereas many only found out on the date of completion. Also do not forget that we have been and still are experiencing decent capital growth with increasing rental yeilds, so it's not difficult to have a sound portfolio now and for finances to be less stretched.
My portfolio with UKAR run into the double digits and my loans with them run well into the 8 figures... and yes they are all in positive cash flow with decent LTV's today. However, I have experienced their strategies during a time when the LTV's became poor and rental yields diminished due to the recession.
Things are obviously going to be less scary today than if you were dealing with them in 2009 - 2011!

Paul Machin

17:13 PM, 24th March 2014, About 10 years ago

Max, I was in that scary position too, but I kept my head down payed all my loans, paid all my management fees, even when the freeholds were sold to unscrupulous new owners and totally unjustified invoices came out of nowhere from them. I kept my credit rating good too.

I have always said that it is when any recession ends that this is the time to be wary. It is then that the banks want to clear loans by bankrupting people or businesses. With a recovery on the way they just go for the throat. I have seen them use this tactic before in other recessions.

I welcome the input on this thread by all involved, and as you rightly pointed out, I am now fully informed and so are others who might read this thread. I am also aware that UKAR have a right to change their criteria on consolidation at any time to the detriment of us landlords.

So I for one will be keeping a close eye from now on with regard to consolidation from UKAR and any other lenders within my portfolio who smell blood!

Max Cave

17:34 PM, 24th March 2014, About 10 years ago

Well done for that Paul! Unfortunately I was in the unenviable position of MEx paying for service charges for some of my properties. So although not all properties were affected and there were no mortgage arrears, I received the full force of LPA action and bullying strategies. Unlike my business partners, I wilted and paid up and therefore I was left alone.
I guess from a business perspective, whatever happened was in the name of law and the spirit of capitalism. There were those that grafted through it, like you and then there were those that walked the line, like me. What upsets me about UKAR is that they seem to forget that MEx and all such lenders were actually bailed out using our very own money, i.e. the tax payers! If companies like Northern Rock, MEx etc could not with stand the recession whilst selling their products to the us, then what chance did the average borrower have during the same crisis!
It's about being fair and not using LPA receivers unscrupulously during negotiations with borrowers who are prepared to pay.

Dick Banks

0:28 AM, 28th March 2014, About 10 years ago

Reply to the comment left by "Chris Green" at "19/03/2014 - 13:34":

I really think there is a lot of fuss about nothing. Financial institutions that are Treasury owned need to reduce their balance sheets. They are doing a great job.

It is inevitable that in order to reduce these balance sheets borrowers are going to be treated unfairly and tenants will be evicted. It's all in the name of the taxpayer!

As Lawrence Tomlinson reported many small viable businesses are also collapsed by Treasury owned banks. Don't worry the banks are ok!

There is nothing unfair about Buy to let mortgages not being regulated. There is nothing unfair about LPA receivers not being regulated and there is certainly nothing unfair about anything Treasury Banks do. It's all in the name of the Taxpayer.

You can always complain to the FCA. They report to the Treasury don't you know! It's all above board!

Mark Alexander - Founder of Property118

7:11 AM, 28th March 2014, About 10 years ago

Reply to the comment left by "Dick Banks" at "28/03/2014 - 00:28":

I wondered where you were going with this.

You had me fuming at the first sentence, I'm so glad I read on.

Being a tax payer they are actually doing us all a favour then - YEAH RIGHT!!!

Loving your humour - ex-forces by any chance? Red or green beret?

Dick Banks

8:19 AM, 28th March 2014, About 10 years ago

Reply to the comment left by "Mark Alexander" at "28/03/2014 - 07:11":

Hi Mark,

What gets me is the naivety of many and the way we British put up with the treatment dished out by the Banks. I feel people using your site are just beginning to wake up to the fact that they are being robbed. If their properties are being taken people hide behind shame and are overwhelmed. The problem is we moan, there is no decisive action. We are appeased by the odd pyrrhic victory on how a few charges have been paid back to the vulnerable. Or a bit of PPI has been paid back. This whole picture is much, much bigger. 10's of Billions are being stolen. It's okay to complain.

The truth is the vulnerable are the hard working middle classes that have spent their time working building businesses and pensions through property portfolio's . The bankers vilify these people in order to take their equity and to reduce their own balance sheets. These people are workers and do not have the time or the financial might to fight against the imbalance. Have a look at UKAR's Annual reports. They are looking to reduce their balance sheet. That means your loan Mr borrower is going! This lot are the Treasury's Henchmen. Every UKAR (NRAM) and other Treasury run banking customer owning property is a sitting duck!

There is an imbalance of power and they have sewn up the process, you cannot win on your own. The only way of winning is collectively making a stand and creating publicity.

I urge people to smell the coffee and remove your heads from the sand before you lose everything you have worked for!

Don't take this as a rant look up LPA receivership this is an archaic law designed to circumnavigate the Court process to take your properties. The poor tenants always get evicted too. UKAR are looking at every breach, whether your 10 seconds late on a payment, have let to housing benefit tenants, are in dispute of a service charge and not paid, have a friend as a tenant you are in breach. There are many, many other tricks they use too. One of these breaches is all they need to start the LPA process. The truth is their loans have issues and this is why they need to deflect their problem. Do not be fooled by their offer of new terms. Sign these, sneeze and you'll be in breach!

Tip.... Record every conversation with any Treasury bank
Do not let UKAR come to see you. They are looking for weakness and breach and will eventually take your property!

These banks are in trouble not you!

Note bank shareholders were also robbed at Penpoint.

Hopefully this site can become a conduit to people. I commend your site and class action. Keep up the good work!

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