Mortgage Express – Should I redeem?
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. 
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
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Member Since December 2013 - Comments: 11
9:46 PM, 30th June 2015, About 11 years ago
Great, thanks for the help guys!
Member Since September 2013 - Comments: 125 - Articles: 3
9:32 AM, 17th August 2015, About 11 years ago
Folks, I said earlier here: “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.”
The sale just went through on Friday and MX released all the equity to us with none used to pay back other MX mortgages, even partially. They kept to their word for us.
Member Since June 2015 - Comments: 3
5:28 PM, 17th August 2015, About 11 years ago
Do you know based upon your dealings with them what their maximum threshold is as % LTV before they start to ask for equity back?
Member Since January 2011 - Comments: 12196 - Articles: 1396
5:34 PM, 17th August 2015, About 11 years ago
Reply to the comment left by “Iain Lapsley” at “17/08/2015 – 17:28“:
85%
.
Member Since September 2013 - Comments: 125 - Articles: 3
5:35 PM, 17th August 2015, About 11 years ago
Reply to the comment left by “Iain Lapsley” at “17/08/2015 – 17:28“:
Hi Iain, I last checked in May and it was 85% LTV , Cheers Ed
Member Since January 2011 - Comments: 12196 - Articles: 1396
5:39 PM, 17th August 2015, About 11 years ago
That’s 85% aggregated across all properties and based on Halifax Peoperty Index by the way
.
Member Since September 2013 - Comments: 125 - Articles: 3
6:13 PM, 17th August 2015, About 11 years ago
Reply to the comment left by “Mark Alexander” at “17/08/2015 – 17:39“:
I thought I was told that if any property was above 85%, they would use the equity to pay down the loan to make it 85%…… even if other properties were well below 85%. But maybe I had that wrong.
Member Since June 2015 - Comments: 3
8:36 PM, 17th August 2015, About 11 years ago
Reply to the comment left by “Mark Alexander” at “17/08/2015 – 17:39“:
Thanks Mark – and what happens id you also have a couple of old Northern Rock commercial mortgages too – would they treat those as separate from the MX portfolio when looking at overall LTV percentages, even though I have the same relationship manager looking after everything?
Member Since January 2011 - Comments: 12196 - Articles: 1396
10:27 PM, 17th August 2015, About 11 years ago
Reply to the comment left by “Iain Lapsley” at “17/08/2015 – 20:36“:
Hi Iain
Sorry, I have no experience of that scenario so I cannot comment.
With regards to the MX redemption scenario you mentioned previously I can confirm that Ed is right.
I have checked recent correspondence sent by MX to a client that I’ve been advising recently.
.
Comments: 11
4:31 PM, 30th January 2016, About 10 years ago
Hi, I wonder if any members would care to give any advice on my situation. I have 6 MX mortgages, I have no issues with MX at all, yet am concerned a the tactics that I hear they are prepared to use to collect funds in. I am fortunate in as much that I have enough cash to switch to other lenders quite easily. The way I see it, my cash will be then tied up in properties I have remortgaged and no longer in the bank. As I have no immediate need for the cash and the interest rates are poor – so it may as well be used to let me escape from MX and get these revolting characters out of my life. I see it as a no brainer. However, I am wondering if I have missed any obvious pitfalls in my plan. I do realise that all mortgages will have to be redeemed virtually at once with MX because if I do them one at a time then the first one could trigger them calling them all in. I understand that mortgage offers are valid for 3 months – so if I act quickly and efficiently then I reckon I can manage that.
In conclusion, any thoughts, tips, advice, comments would be welcomed. thanking you all in advance.