Mortgage Express – Should I redeem?

Mortgage Express – Should I redeem?

8:59 AM, 8th June 2015, About 7 years ago 69

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With all the issues with Mortgage Express I have taken the decision to lie low and avoid meetings with them.

I have 3 properties which are in mine and my ex business partner’s name and one in my own name. Mortgage Express - Should I redeem

Problem: The one in my own name has equity and I’d like to sell. The others don’t have equity but I’m scared of selling the one with equity for 2 reasons:

1. They may ask me to use that equity to pay towards mortgages on the other properties. Is this the case even though it’s solely in my name and the other three are in both my name and my ex business partner’s?

2. I’m scared of waking a sleeping dog and getting another visit request

Please can someone advise?




by Mark Alexander

9:02 AM, 8th June 2015, About 7 years ago

Hi Fiona

Some questions if I may please ....

What is the value/mortgage?

Have you considered refinancing?

If you request a redemption statement and you get one that's good news. However, if you receive a consolidation letter that will reveal what MX are thinking.

Good luck and please report back.

by Fiona Sinclair

10:06 AM, 8th June 2015, About 7 years ago

Hi Mark

Thanks for your swift response

Value £235 - £250

Mortgage £180

Not considered refinancing because I'm currently out of work and not a good bet for a finance company.

When you say request a redemption statement do you mean I just write a letter saying please can I have a redemption statement for this particular property? (Sorry I've never done this before so don't know the process)

Also if this is all I do are you saying they will reply either showing the statement and that means I'm ok to sell and keep any equity or they will tell me I need to consolidate if I wish to sell. If so will this likely trigger another meeting request?


by Mark Alexander

10:20 AM, 8th June 2015, About 7 years ago

Reply to the comment left by "Fiona Sinclair" at "08/06/2015 - 10:06":

Hi Fiona

Yes, just send them a letter requesting a redemption figure as of a certain date, e.g. 15th July 2015. You might want to say something along these lines.

Dear Sirs

Re: mortgage account number ......

Property address ...............

I am considering refinancing my property and would be grateful if you would advise me of a redemption figure assuming (provisionally) a redemption date of 15th July 2015.

Yours faithfully.

If you get a consolidation letter back you know where you stand. Otherwise, if you get a redemption statement that means you should be OK to sell or refinance without the consolidation clause taking effect.

The fact that you are a portfolio landlord is a very positive point for several lenders on the basis that they will not be too bothered about your lack of income from elsewhere.

by Fiona Sinclair

10:41 AM, 8th June 2015, About 7 years ago

Thanks Mark

Is there any way of getting concrete confirmation that they are ok with me selling? I say this as I currently have good tenants and would hate to go through the process of selling, lose my tenants only to find out on the 11th hour that MX will not let me take the equity and then have to find new tenants.

Also do you think they would request another meeting and if so what should I do in this case?


by Mark Alexander

10:58 AM, 8th June 2015, About 7 years ago

Reply to the comment left by "Fiona Sinclair" at "08/06/2015 - 10:41":

Hi Fiona

If another meeting is requested just respectfully decline as you have until now.

Why not sell with tenants in situ?

Where is the property?

by Fiona Sinclair

11:02 AM, 8th June 2015, About 7 years ago

It's in an area close to a good school etc so would be a young family who would buy.

by Mark Alexander

11:18 AM, 8th June 2015, About 7 years ago

Reply to the comment left by "Fiona Sinclair" at "08/06/2015 - 11:02":

May I ask which town?

by Fiona Sinclair

11:42 AM, 8th June 2015, About 7 years ago

Can you drop me an email

by Ian Ringrose

11:43 AM, 8th June 2015, About 7 years ago

What stops Mortgage Express changing their mind on the day of completion?


12:04 PM, 8th June 2015, About 7 years ago

@FionaSinclair & @Mark Alexander & @IanRingrose thanks to you all for this post and the responses to it,....I've learnt so much by reading the original post and all responses to it.
I have one MX property as well and have been wondering what to do about the property. Mine has some equity as well ( in the range of 65-70 K minus the outstanding mortgage ) and I've got hopes of re-mortgaging & buying 1 or 2 properties on BTL basis. I've been getting my work history & credit rating in order for the past 1.5 years and I think I'll be good to go by mid summer. Happy to be a member of this forum.

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