Mortgage Express / UKAR calling in instant remortgages
I am aware of two Mortgage Express / UKAR borrowers who received a letter this weekend calling in their loans, an extract of the letters, which are both identical, can be found below. In both cases the properties had been purchased using instant remortgages, i.e. the property had been purchased for cash or with bridging finance and instantly remortgaged based on opem market value to Mortgage Express.
These are the first cases I have seen where Mortgage Express have called in performing loans on these grounds. However, I have acted as a professional witness on a number of occasions in Solicitors Disciplinary Tribunals and in cases where Mortgage Express have commenced litigation against solicitors, both scenarios relating to instant remortgages. In all cases I have been involved in so far the Solicitors Regulatory Authority have ruled the solicitors were acting in accordance with accepted protocols at the time and none of the litigation cases I have provided witness statements regarding instant remortgages have progressed to Court.
I will be working as a private consultant alongside Cotswold Barristers and https://www.litigationwarranty.co.uk/ in the role professional witness regarding Mortgage Express practices relating to instant remortages (AKA same day remortgages) where required.
If you have received a similar letter to the one above please get in touch using the enquiry form below.
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Member Since May 2015 - Comments: 8
10:49 AM, 4th July 2015, About 11 years ago
Hi Mark. know of lots of instances where receivers sold too soon a few years ago resulting in a shortfall, aggravation, bankruptcy etc.
If they decide to call in for whatever reason and put them with receivers, obviously it’s less preferable than having control yourself, but against the backdrop of a strong housing market (in London where I work) the chances are they will reduce the outstanding loan and sell at a reasonable price. This results in a surplus for the owner who while didn’t want to sell, at least pockets something with no iva etc. Cheap repos don’t exist anymore.
Member Since January 2011 - Comments: 12209 - Articles: 1406
10:58 AM, 4th July 2015, About 11 years ago
Reply to the comment left by “Richard Elderfield” at “04/07/2015 – 10:49“:
I agree that cheap repo’s in London don’t exist any more
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Member Since May 2015 - Comments: 8
11:14 AM, 4th July 2015, About 11 years ago
And a surplus preferable to a shortfall.
I have a few with receivers and while I’d prefer to have control over my finances and planning, I know that their values now far exceed their loans.
On that note, do you know of any instances where they’ll return the properties to the owners?
Member Since January 2011 - Comments: 12209 - Articles: 1406
12:49 PM, 4th July 2015, About 11 years ago
Reply to the comment left by “Richard Elderfield” at “04/07/2015 – 11:14“:
It depends on why they are in receivership, the LTV and whether all arrears have been cleared.
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Member Since May 2015 - Comments: 8
12:58 PM, 4th July 2015, About 11 years ago
Never been in arrears probably ltv. Definitely equity in them though
Member Since January 2011 - Comments: 12209 - Articles: 1406
1:31 PM, 4th July 2015, About 11 years ago
Reply to the comment left by “Richard Elderfield” at “04/07/2015 – 12:58“:
What was the reason for the appointment of the LPA receiver?
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Member Since June 2014 - Comments: 1564
9:51 AM, 5th July 2015, About 11 years ago
Apologies if this is sidetracking the thread, completely different circumstances, but I found UKAR’s ‘Repossession is always viewed as a last resort’ claim quite amusing;
http://www.mirror.co.uk/news/uk-news/tom-crawford-angry-protesters-clash-5991478
UK Asset Resoultion Limited, the holding company acting on behalf of Bradford and Bingley, confirmed they had evicted Mr Crawford from the property….
“Repossession is always viewed as a last resort and follows a series of forbearance options, with the aim of finding a solution that takes account of the customer’s specific circumstances.
Member Since July 2013 - Comments: 186 - Articles: 2
11:58 AM, 25th July 2015, About 11 years ago
Received a letter today from Ukar saying I now have a relationship manager and he is going to contact me to make an appointment in order to see if he can help me! I have 2 btl with MX and they are not in arrears and currently sit at about 70% Ltv I’m thinking under no circumstances should I talk to this person what do you think?
Member Since January 2011 - Comments: 12209 - Articles: 1406
12:07 PM, 25th July 2015, About 11 years ago
Reply to the comment left by “Rob ” at “25/07/2015 – 11:58“:
I’ve received the same letter.
I will explain that I’m too busy to chat when I receive the first call, then block the number and see what happens after that.
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Member Since July 2013 - Comments: 186 - Articles: 2
12:14 PM, 25th July 2015, About 11 years ago
Reply to the comment left by “Mark Alexander” at “25/07/2015 – 12:07“:
Clearly they are fishing for info “My role is to help you” yeah right lol