Mortgage Express Receivership?

Mortgage Express Receivership?

16:51 PM, 3rd February 2021, About 6 months ago 10

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I had my portfolio decimated in 2015 by Mortgage Express taking four properties with £300k combined equity into Receivership. I have spent the last 5 years and £7k on a local firm of property lawyers trying to recover them….unsuccessfully. I have made complaints to the Ombudsman and the FCA and I am trying to refinance which is not easy after MX totally destroyed my credit history in the process.

Has anyone on here managed to successfully overturn a MX Receivership ….or can anyone recommend any specialists with a proven record against MX that doesn’t involve a £40k High Court Action?

Craig



Comments

by Peter Fisher

8:45 AM, 4th February 2021, About 6 months ago

You can talk to me - I've had success with Mortgage Express and others when LPA Receivers have been instructed.

by Ivor Bailey

8:49 AM, 4th February 2021, About 6 months ago

Hi Peter
How do I get in touch with you?

by Peter Fisher

9:17 AM, 4th February 2021, About 6 months ago

you should find my contact details in 118

by Harry Chunk

9:31 AM, 4th February 2021, About 6 months ago

I had a friend who lost 20 places to NRAM after the 2007 recession. About three weeks notice and £10,000 of legal fees and they were still lost. He had never missed a payment ever and their beef was that he had breached the valuation clause. The only way forward was to come up with £700,000 to rectify that loan to valuation ratio. He didn't have that money to hand and there wasn't time to raise it from other parts of his portfolio, he had about 70 properties in total albeit fairly highly geared. NRAM didn't even have the properties professionally valued, they just adjusted historic valuations by a percentage and proceeded with their intended action.

by Dylan Morris

10:06 AM, 4th February 2021, About 6 months ago

Reply to the comment left by Harry Chunk at 04/02/2021 - 09:31Yikes. So you’re saying NRAM’s mortgage offer or mortgage deed gave them the right to repossess if the ltv fell below a certain level ?

by Alan Wong

12:20 PM, 4th February 2021, About 6 months ago

Craig, what was the reason MX used to put those 4 properties into receivership? I had them contacted me several years ago to effectively revalue as they see it from their 'desktop valuation' eg not property valued by a rics registered surveyor but just their computer valuation and asked me to pay thousands to adjust the LTV percentage back to what pleases them. Needless to say if I didn't pay they would take that as a pretext to do the same thing what happened to you. This is clear fact we are under their thumb as financial slaves lol.

by Ivor Bailey

12:26 PM, 4th February 2021, About 6 months ago

Reply to the comment left by Peter Fisher at 04/02/2021 - 08:45
Hi Peter
I have repo issues with TMW because of end of term issues
How can I contact you?

by Amjed

14:28 PM, 6th February 2021, About 6 months ago

I suppose another mortgage problem is for people with flats who can't sell or refinance due to fire risk concerns.

by Gwen Davies

3:39 AM, 7th February 2021, About 6 months ago

Have you heard of uk mortgage Prisoners? A campaign group fighting for justice after the corruption of and since the Banking Crisis. They’re on Facebook

by Dylan Morris

9:18 AM, 7th February 2021, About 6 months ago

I’m sorry I really really don’t understand this at all. How can a lender call in a loan because the value of the security has fallen ? Never heard of this before. What terms in the documentation would Mortgage Express be relying on to do this ?


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