Are Mortgage Express offering Discounted Redemption Figures?

Are Mortgage Express offering Discounted Redemption Figures?

8:42 AM, 26th January 2018, About 4 years ago 12

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I have a mortgage which was originally taken out with Mortgage Express. It was moved from an interest only mortgage to a repayment one before they hit hard times.

Now they will not allow me to switch it back. ( asked a few years back ) I am therefore possibly looking to remortgage to an interest only one. I know this will be at a higher rate than I am currently on. My question is has anybody been offered a discount on their redemption figure just to clear the loan?

Currently it has about 14 years to run. I am not aware that my loan has been sold to Prudential, however my loan is up to date with payments and has never been in arrears. I am however reluctant to contact them unnecessarily, only contact I have had with them recently is when they called me about a year ago asking about my tenants and other buy to let mortgages I have.

I politely told him to get lost as it was non of his business about my other loans, the house is tenanted as per my mortgage agreement and payments were up to date. Is it worth contacting them to ask or would I be stirring up a hornet’s nest?

Janet



Comments

by Neil Patterson

8:44 AM, 26th January 2018, About 4 years ago

Hi Janet,

No discounts that I am aware of unless someone has an update?

My advice is always to have as little contact as possible with MX unless you have too. Although recently they do seem to be a little more reasonable.

by Ken Smith

10:48 AM, 26th January 2018, About 4 years ago

Neil, Do you think, as a service to you members, P118 could approach MX for some straight answers on general policy re allowing sales/remortgages/etc.

It would appear to me that they revel the fact that they hold all the aces and they dont seem to want to work constructively in helping decent people, who are not in arrears with them, to dispose of properties and therefore repay the government monies back.

They do, based on Mark's and Glenn Ackroyd's comments here of late, seem to be maybe softening. However, the general consensus, based on perception learned, is that they are dangerous people - best to be avoided. this way we are all in stalemate

I have always wondered, as they have all the Halifax property valuations to hand which they use for definite valuation purposes, why they don't simply put the current HPI valuation on our statements each year. I strongly suspect is they want people to be wary and for them to give information is to lose power. Unless I'm wrong the HPI was sold off to a private company, Markitt, and cant be accessed by people like us now.

https://www.theguardian.com/money/2015/mar/10/halifax-sells-off-house-price-index

I think Markitt simply sell the data on now to organisations- fair enough I understand that.

Maybe another option for P118 for the members is for you guys to enquire with Markitt what it would cost for access to the index via P118? That way we could all easily check and see for ourselves what MX value our properties at. 85% LTV minimum is the magic figure for each property.

I'm certainly not desperate to sell mine - far from it. However, I would like to know that IF I wanted to sell one or two for whatever reason, then it may or may not be viable.

I really do think we could work together on this and help the members who want to sell up to have some information that helps. There must be many members who are with MX and are also in the dark. I spent some time seeing what you guys had done with the West Brom - staggering! Well done. Surely this would be a walk in the park for you?

Personally, if there was a fee involved for me to get my valuations I would gladly pay it.

by Dr Rosalind Beck

10:20 AM, 27th January 2018, About 4 years ago

Reply to the comment left by Ken Smith at 26/01/2018 - 10:48
Hi Ken. On another thread a landlord said he simply rang up and asked for a full statement of the values of his properties with HPI valuations etc and more or less got one by return post, no questions asked.

by Mark Alexander

14:59 PM, 27th January 2018, About 4 years ago

Reply to the comment left by Dr Rosalind Beck at 27/01/2018 - 10:20
I also read that on a thread here Ros.
.

by David Lux

18:18 PM, 5th October 2021, About 2 months ago

Hi
I am currently trying to
Defend a repossession of our familly home as our term expired and they are not willing to listen to any pottential mechanisms for settlement. I own a decent share of a new company that is worth a great deal and will change the world. I can’t sell shares for 18 months under the SA but then will be relatively affluent. They don’t give a damn. Just tying to inflict as much misery as possible after consistently charging us in excess of 5% for the full 15 year term which expired last December
Covid held them at bay for a while but then mortgage express solicitors in full flow.
Any advice out there to minimise court costs?
davidlux@me.com

If any help available
Regards
David

by Puzzler

19:48 PM, 5th October 2021, About 2 months ago

Can you not remortgage to another lender? I am wondering why you didn't before the term expired or even earlier if you were paying such a high rate? Or sell the property, it's a strong market.

by David Lux

19:52 PM, 5th October 2021, About 2 months ago

Reply to the comment left by Puzzler at 05/10/2021 - 19:48
No unfortunately.
Even though I survive and pay all interest required. I have spent the last 4 years developing and fund raising for a company that will become international quite quickly
So I don’t have the formal income figures to achieve that right now.

by Mark Alexander

21:48 PM, 5th October 2021, About 2 months ago

Reply to the comment left by David Lux at 05/10/2021 - 19:52
You need to find a better broker!

by David Lux

21:53 PM, 5th October 2021, About 2 months ago

Reply to the comment left by Mark Alexander at 05/10/2021 - 21:48
Thanks Mark
I have tried everything
I havnt arrived here on step one.
But I don’t have the legitimate income to warrant a mortgage at the moment
Any useful Suggestions greatfully recieved.

by Mark Alexander

22:43 PM, 5th October 2021, About 2 months ago

Reply to the comment left by David Lux at 05/10/2021 - 21:53
This might not be the right place but if you’re able to answer these questions I might be able to steer you in the right direction:

1) how old are you?

2) what is the value of the property mortgaged to MX and how much is the loan outstanding and the monthly rental income?

3) how much is your home worth and how much mortgage have you got secured against that?

4) if you have any other properties please provide the same details as for question 2) above

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