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?




Fiona Sinclair

17:44 PM, 8th June 2015, About 7 years ago

Thanks guys. *Breaths sigh of relief...

Are there any other areas they have been seen trying to pull people on in order to repossess?

We were thinking about converting 2 of our properties to HMO to increase yield so we can pay more off the mortgage but I hear that's against T's & C's.

Ian Ringrose

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

Most BTL lenders will call in the loan if you let to unrelated people (HMO) unless you have a HMO mortgage. Some lenders even send out researchers to knock on doors and interview your tenants to check if you are keeping to the T&Cs.

Monty Bodkin

20:13 PM, 8th June 2015, About 7 years ago

Reply to the comment left by "Fiona Sinclair" at "08/06/2015 - 17:44":

I hear that’s against T’s & C’s.

Why not just read them yourself?

My MX mortgages (yours may differ) all say:

"The property may only be let as one unit. You must not make any alteration to the property to enable you to use it as multiple units."

Monty Bodkin

20:26 PM, 8th June 2015, About 7 years ago

Reply to the comment left by "Ian Ringrose" at "08/06/2015 - 18:11":

I reckon that is scaremongering Ian.

Some lenders may call in the loan if it is against the T&C's

...and they have no other option

...If they even find out in the first place (not that I'm recommending it in any way).

Claiming most lenders will call in the loan is plainly inaccurate.

I have never had a researcher check if I am keeping to the mortgage T&C's. Have you?

I don't doubt it happens but it is such a rarity as to be not worth worrying about.

Ian Ringrose

20:39 PM, 8th June 2015, About 7 years ago

The likes of MX are looking for reasons to call in loans all the time.

Monty Bodkin

21:17 PM, 8th June 2015, About 7 years ago

Reply to the comment left by "Ian Ringrose" at "08/06/2015 - 20:39":

I don't disagree with that Ian.

A minority of lenders behaving in the way they have, has caused massive harm to the little that was left of any trust in the industry.

As I used to foolishly believe;

(unless it is well hidden, beyond the reasonable due diligence of any conveyancing solicitor, ambiguously disguised within clause 32, subsection 5, para 2a, refer to secret leaflet provided only on request, subject to the laws of any preferential lending regime we can find, terms and conditions may apply-as we make them up as we go along.
N.B Our not sending out any supplementary T&C's is no proof of your not receiving them, our decision will be final despite any independent bodies we set up.)

I was only disputing your most lenders comment.

Ed Atkinson

13:09 PM, 13th June 2015, About 7 years ago

We have several MX mortgages and are aware of the dangers. However after a few calls we have been promised that sale of one property will not affect the other loans. This is because the LTVs are all below their threshold. When it actually goes through - hopefull next month - I will report back on whether their promises are fulfilled. I would be surprised if they did an about-turn.

Jim S

11:00 AM, 15th June 2015, About 7 years ago

Hi Fiona,
It is my understanding that if you redeem any one mortgage with ME that they then have the opportunity to ask you/demand that you consolidate any/all of your other mortgages with them. This is regardless of your equity levels in any of your mortgages. In short they can force you off any good interest deal that you may have. If you can not refinance then you have to sell.
I'm not sure how true my statement is as this is only information from forum talk.

Anthony Endsor

11:03 AM, 15th June 2015, About 7 years ago

Reply to the comment left by "Ed Atkinson" at "13/06/2015 - 13:09":

I would be surprised if they did an about-turn.

I wouldn't.

Ashdon Waylaw

15:44 PM, 18th June 2015, About 7 years ago

Hi, I'm a new member. I have a few properties with MX and have just sold one. They have retained some of the sale proceeds to take my other properties back to 85pct. If your other properties have a high ltv then I would assume they may want to retain some funds from the sale. I read all the negative stories last year and was put off selling then fearing they may want me to sell them all etc, this was not the case. They were very approachable and fair throughout. This was all discussed prior to selling and there were no last minute demands.

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