Mortgage Express – Should I redeem?

Reply to the comment left by “Fiona Sinclair” at “08/06/2015 – 11:42“:

email sent as requested
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Yes. Mortgage Express are a tricky little customer aren’t they?
If you’ve got more than one property with them, I would say don’t do anything unless you are prepared to redeem ALL of them, as that could very well be the end result, quite likely resulting in repossession if you are unable to comply.
Mortgage Express are desperate to close their mortgage book and will target anyone and anything in order to do so. Don’t make yourself stand out.
I currently only have one mortgage with them. I also have a problem in that I have changed my residential address since I took the mortgage out, but I daren’t approach them to let them know, as I don’t know how they would respond. Who knows what could be happening with anything going to my old address in the meantime? I am seriously thinking of selling this property ‘just in case’ so to speak, even though it is actually one of my better performing investments.
If you can get out without doing too much damage, it might be a good idea to take the opportunity.

Reply to the comment left by “Anthony Endsor” at “08/06/2015 – 12:30“:

If they are so desperate to get rid of the book why don’t they just offer everyone to redeem at 70p in the pound, set up a lender for everyone and get rid, rather than going about it the way they are and selling the properties at a 30% discount anyway?

Reply to the comment left by “Fiona Sinclair” at “08/06/2015 – 12:34“:

Politics!
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The “best” customers will take the offer leaving them with the worse customers.

Likewise if they let you sell your best properties, you can then put the money in someone else s name before “giving them back” the worse properties. But you would keep the worse properties while they still cashflowed, and only give them back when interest rates went up.

Reply to the comment left by “Ian Ringrose” at “08/06/2015 – 13:08“:

Goodbye credit rating. Nice knowing you.

Hi Fiona

If the Mortgage Express insists that they want to visit your properties, you can propose your charges (for your time) to fulfill their requirements. According to their terms, we (As I am also their customer) have to co-operate if they request for inspection any time, but it doesn’t mean that we should spend our time for free. If they say no to our charges, it contrasts their charges. Please make sure to get the payments for your time before they visit you. Hopefully they will not pay you, hence there will not be inspecting your properties.
Hope this helps.

Regards
Sath Vaddaram

Reply to the comment left by “Sath Vaddaram” at “08/06/2015 – 15:36“:

Thanks for this really appreciate it. I do really worry about a visit as one of the tenants is now on benefits and although the rent and mortgage is always paid on time I hear that you are not allowed to rent a property to someone on benefits with MX. The tenant is an old woman who is now on disability so didn’t want to evict her. Plus I have a good relationship with the council who pay us.

Reply to the comment left by “Fiona Sinclair” at “08/06/2015 – 15:49“:

I think you have misread your T&C’s. MX criteria is no DSS tenants. Your tenants are private tenants. Furthermore the DSS no longer exists.
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Reply to the comment left by “Fiona Sinclair” at “08/06/2015 – 15:49“:

I hear that you are not allowed to rent a property to someone on benefits with MX.

Read your mortgage offer and conditions.

Mine says “The property must not be let to anyone receiving any DSS benefits”

As far as I’m concerned, the DSS has long since gone, therefore none of my tenants can be receiving any DSS benefits.

I wouldn’t purposely confront them about it but neither would I worry about it.

(cross posted with Mark)