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?




David Marshall

15:19 PM, 22nd June 2015, About 7 years ago

Has anyone had any success in approaching Mortgage Express and offering to clear their whole portfolio in exchange for say a 10% discount?

David Marshall

15:23 PM, 22nd June 2015, About 7 years ago

Reply to the comment left by "Simone Gilks (Mortgage Adviser)" at "22/06/2015 - 11:59":

Hi Simone, sometimes it's not as easy as you suggest. In parts of the North West we have not seen the same house price growth as experienced in the South East. And with the historical 85% LTVs on Mortgage Express properties and little capital growth there could be many people stuck with ME whether they like it or not. Me included.

Mark Alexander - Founder of Property118 View Profile

15:30 PM, 22nd June 2015, About 7 years ago

Reply to the comment left by "David Oswald" at "22/06/2015 - 15:19":

Hi David

Yes I've tried that but drew a blank.

David Marshall

16:28 PM, 22nd June 2015, About 7 years ago

Reply to the comment left by "Mark Alexander" at "22/06/2015 - 15:30":

Hi Mark, another reason to let sleeping dogs lie at ME as far as I'm concerned.

Simone Gilks (Mortgage Adviser)

18:07 PM, 23rd June 2015, About 7 years ago

One thought is if you are sitting at 85% loan to value then could you not refinance to a lender such as Kent Reliance who will take it as a portfolio or individuals and top up with a 2nd charge lender such Castle Trust?

Of course this is assuming you are not to sell and financing is still an option.

In fact I had another client in today who has 2 ME mortgages - they are all coming for advice given the publicity, which is a good thing.

Mic Singh

12:17 PM, 30th June 2015, About 7 years ago

Does anyone know the easiest way to make over payments without contacting MX?

Iv looked at their website but it says to contact them to discuss over payments.

My mortage is interest only but I am thinking with all the uncertainty around MX that beginning to make repayments might be an idea. My mortgage was taken out at 90% LTV so below the 85% threshold.


13:06 PM, 30th June 2015, About 7 years ago

Hi Mic, I have one residential mortgage with MX and any time I want to make, decrease or increase my overpayment I just go to their website, download a form, fill it out and pop in the post. They just reply/acknowledge my request by sending me another letter saying okay they've increased my monthly payment by 100 pound for example. I'd suggest you contact them to make some substantial capital payment towards your mortgage. With the way things are I don't think they'll agree to change your mortgage from interest only to repayment.

The outstanding balance of my residential mortgage with MX compared to the property value is in the region of %55 loan to value, and I'm at a point where I want to release equity from the property to fund the purchase of a bigger property.....but currently I don't even know where or who to turn to as per Lender. I need help with this please...any takers? I'd like to re-mortgage onto a BTL mortgage and buy another property to live in. Info needed please


Mic Singh

14:43 PM, 30th June 2015, About 7 years ago

Reply to the comment left by "Lammy 247" at "30/06/2015 - 13:06":

Thanks Lammy.

I do not seem to be able to find this form you mention. Is it on the website?

I just called MX and the lady advised the only options to make one off capital repayments were to either call their head office and use a debit card or do a BACS transfer and then call the head office to let them know to allocate the payment as a capital repayment.

Either way, flagging myself on the radar of the head office doesn't sound like a great idea to me.

15:04 PM, 30th June 2015, About 7 years ago

James Leavesden

18:43 PM, 30th June 2015, About 7 years ago

Choices is great as it allows you to borrow back your overpayment. You are however limited to 1% of the outstanding balance every month at the time you set it up.

If you wish to make capital repayment you can indeed do it without having to speak to anyone. The account details to send payment is with the annual statement you should have received a couple of months ago. Put your mortgage account number as the reference and add 'CAP' at the end to indicate its for capital repayment. No need to speak to anyone as is suggested in statement.

Around 1 week or so later you get a computer generated letter acknowledging your payment, your new balance and your new reduced monthly direct debit interest payment. (any regular overpayments you make continue unaffected). I have been zapping away for the last few months.

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