Mortgage Express want copies of tenancy agreements

by Readers Question

10:26 AM, 15th October 2015
About 3 years ago

Mortgage Express want copies of tenancy agreements

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Mortgage Express want copies of tenancy agreements

I am puzzled as to why my lender (Mortgage Express) has just sent me a letter wanting to see tenancy agreements for two of my properties which I bought back in 2008.mortgage express

Just wanted to know if anyone else has had this experience and also why would they be asking for these documents.

Many thanks

Zar



Comments

Neil Patterson

10:31 AM, 15th October 2015
About 3 years ago

We have had many many articles on Mortgage express and I would recommend you use the article search buttons at the top of our pages and type in Mortgage Express to see them all.

Mortgage express's first priority is to get as many of the outstanding loans repaid as fast as possible.

What they are likely looking for with this request to you is to see if you have broken any mortgage conditions, which I hope you haven't, but if that is not the case they will most likely call in the loans.

denis knockton

11:21 AM, 15th October 2015
About 3 years ago

I have also seen this but for a new loan as part of the lender's covenants. It's becoming more usual amongst the niche lenders to ask for the copy of the tenancy agreement/contract as well as asking for 3 months' interest to be lodged on an account with the lender if there is no tenancy agreement in place prior to release of funds.

11:36 AM, 15th October 2015
About 3 years ago

Hi - I am dealing with several cases like this and it is not all what it seems. If you want to discuss check out my profile to do so.Better safe than sorry.

11:55 AM, 15th October 2015
About 3 years ago

2008 BACK WHEN SARB FRAUD WAS RIPE LOOKS LIKE MORTGAGE EXPRESS ARE CHECKING TO SEE IF YOU HAVEN'T LIED ON YOUR MORTGAGE APPLICATION AS MANY DID

Joan Keeley

12:25 PM, 15th October 2015
About 3 years ago

Zar - It's the thin edge of the wedge. My bank did this to me just before they foreclosed on my mortgages and appointed LPA Receivers which resulted in me losing everything including my home and left me with a debt of £328,000. BE VERY CAREFUL - DON'T GIVE THEM ANY INFORMATION WITHOUT KNOWING WHY MX ARE ASKING FOR IT.

Ian Narbeth

14:46 PM, 15th October 2015
About 3 years ago

Reply to the comment left by "Neil Patterson" at "15/10/2015 - 10:31":

You may wish to arrange to re-finance the MX loans now before they step in and before the new lender discovers your problem with MX. As Neil says they may be looking for a breach in order to call in the loan, e.g. that the mortgage terms only allowed ASTs of up to 12 months but you granted a longer one. Are they asking for all tenancy agreements or only the current ones?

Zahir

19:29 PM, 15th October 2015
About 3 years ago

Reply to the comment left by "Neil Patterson" at "15/10/2015 - 10:31":

Thanks Neil. You last line is a bit worrying. "if you have broken any mortgage conditions, which I hope you haven’t, but if that is not the case they will most likely call in the loans."

Thanks everyone else for your comments. As far as I know I have not breached any terms. There was no fraud on my part and mortgage payments have been made on time without fail. My ASTs are for 12 months, although one expired last month and has become periodic and the other one became periodic over a year ago. They have only asked to see a tenancy agreement so I am assuming it is the current one.

I have had lenders ask for tenancy agreements when applying for a new loan but never for a property bought 7 years ago.

I am not sure whether to contact them and find out why they want this information or to ignore the letter and see what happens?

Zahir

20:00 PM, 15th October 2015
About 3 years ago

Having read some of the articles under mortgage express I am concerned as I did purchase the properties for cash, from drawing down funds from my residential property and subsequently remortgaging, mostly back to back based on normal valuations.

21:59 PM, 15th October 2015
About 3 years ago

Reply to the comment left by "Neil Patterson" at "15/10/2015 - 10:31":

Neil is correct and I know as I am acting for a several landlords who have been asked for AST's followed by inspections and so on.

22:04 PM, 15th October 2015
About 3 years ago

Reply to the comment left by "Zahir " at "15/10/2015 - 20:00":

Zahir, it may be worth you contacting me as I am acting for several landlords in a similar position as you and can assist - the more who fight and stand up to MX - I know a lot about MX and their practices and what they are up to!!!!!!!!

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