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?

Thanks

Fiona



Comments

Ashdon Waylaw

15:50 PM, 18th June 2015, About 7 years ago

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

Ed, hopefully you will be fine. I've just gone through this. They did keep some funds but only because a couple were above 85pct. Found them very straight forward and no nasty surprises at the end!

Ed Atkinson

16:34 PM, 18th June 2015, About 7 years ago

Reply to the comment left by "Ashdon Waylaw" at "18/06/2015 - 15:50":

Great, the message I hear from you fits exactly with what I hear from MX. It is all about LTV. Cheers

Mark Alexander - Founder of Property118 View Profile

16:35 PM, 18th June 2015, About 7 years ago

Reply to the comment left by "Ed Atkinson" at "18/06/2015 - 16:34":

Could it be they are softening up a bit due to this news?

See >>> http://www.yorkshirepost.co.uk/business/business-news/sale-talks-could-save-ukar-jobs-as-mortgage-business-runs-down-1-7312821
.

James Leavesden

21:21 PM, 21st June 2015, About 7 years ago

Hi Ed, if all goes to plan I wonder if you can reveal the LTV of your remaing properties?
I have 6mx properties all with LTVs of 65% or lower and am planning on redeeming a couple buy paying down with cash/ capital repayment over a few months.

Ed Atkinson

23:02 PM, 21st June 2015, About 7 years ago

Reply to the comment left by "James Leavesden" at "21/06/2015 - 21:21":

OK will do. The completion is due mid July but we have not exchanged yet. Do chase me up if you hear nothing.

Mark Alexander - Founder of Property118 View Profile

23:08 PM, 21st June 2015, About 7 years ago

Reply to the comment left by "James Leavesden" at "21/06/2015 - 21:21":

Hi James, based on recent feedback I've had from MX borrowers I think it is highly unlikely that you will have any problems if all of your LTV's are below 85% according to the Halifax House Price index.
.

James Leavesden

23:24 PM, 21st June 2015, About 7 years ago

Thanks, that's comforting to know. So far they are accepting my capital repayments just fine via online banking. The plan is to reduce the mortgage to a few hundred and let them deduct the usual monthly direct debit payment (which includes a £1500 overpayment via Choices) and see what happens.

Mark Alexander - Founder of Property118 View Profile

23:31 PM, 21st June 2015, About 7 years ago

Reply to the comment left by "James Leavesden" at "21/06/2015 - 23:24":

Are your MX mortgages your most expensive form of debt in interest rate terms? If not this isn't an efficient strategy.
.

James Leavesden

8:35 AM, 22nd June 2015, About 7 years ago

Yes it is but I will be refinancing but did not want to risk consolidation.

Simone Gilks (Mortgage Adviser)

11:59 AM, 22nd June 2015, About 7 years ago

Currently I am working with several landlords who are trapped in the Mortgage Express nightmare.

How did this happen? They decided to not switch lenders but stay with ME and utilise their low tracker rate thinking that nothing would happen - but it did.

As soon as they sold one of their properties they received a legal letter stating that ME was now calling in all loans and that an estate agent would be appointed to sell the properties.

Due to the sheer nature of the letter the clients were fooled into thinking this was the only option and handed them over to sell.

Now of course my initial advice is that if you are sitting with a lender who is no longer in business such as ME (mortgage express), move and move now! Rates are at an all time low so we can look to prevent the hardship and misery that is now fallen upon so many clients, mainly Landlords.

Plus - why are you still with a lender after all this time, surely you should be looking to reinvest in other properties so capital raising is also an idea.

So, it seems to be either the Express way or the High way - don't go it alone, speak with a qualified Buy To Let Specialist here at Beauwater and give us a chance to help you.

Simone,

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