MX Right to Consolidate

by Readers Question

9:15 AM, 4th February 2016
About 3 years ago

MX Right to Consolidate

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MX Right to Consolidate

Hi all, MX Right to Consolidate

I’m in need of some advise. I have a mortgage which was taken out through Keystone mortgages. I also took out 6 mortgages with Mortgage Express.

The Keystone mortgage was then taken over by MX. Keystones wording is identical to MX on the consolidation side. As all the mortgages are with MX/UKAR, can they ask to consolidate the lot if I sell that property mortgaged to Keystone ?

I am aware that the terms are transferable, but that would be a bit unfair.

I also want to sell a couple of the MX ones, but I don’t think MX will let me, as their computer valuation system puts them at 95%LTV when actually they are 80%. I have emailed them, but two weeks has passed and I’ve heard nothing. Have chased but still nothing.

Any advice would be appreciated.

Many thanks

Nathan



Comments

Mark Alexander

9:21 AM, 4th February 2016
About 3 years ago

Hi Nathan

I've heard several people say that MX are being a lot more reasonable about their right to consolidate recently.

If the average LTV across your portfolio is 85% or below they won't usually use this right. That's subject to you not having defaulted on any mortgage conditions (especially payments) in the past of course.

Where their online valuation toll suggests your gearing is at 86% or more they will consider this being assessed by of of their panel surveyors. In your case this would require you to pay for seven valuations with no guarantee of any success. Only you can decide whether that is a commercial risk you want to take.
.

Howard Reuben CeMap CeRER

11:06 AM, 4th February 2016
About 3 years ago

As a BTL Broker who has worked with many Clients who have MX mortgages, I can confirm that - unless you are in arrears, or have any history of missed payments etc - that they are quite amenable to allowing you to remortgage (or sell) some or all of the portfolio as you consider is best.

Maybe it's just the way that we handled the applications (ie the remortgages away from them) and processing the redemptions with MX?

If you are looking to remortgage any of them and we can help, contact me via my profile anytime

Howard Reuben recently posted...H D Consultants | Mortgage & Protection Broker | Buy To Let | Colchester Essex

brian gibson

11:28 AM, 4th February 2016
About 3 years ago

Hi Nathan,
We have a substantial portfolio with MX and although they will allow you to sell any property they insist that all net profits are set off against the remaining properties in your portfoilio,they also mention that they can ask you to redeam all mortgages if you are not willing to do this ( not a threat but stateing their intentions very clearly ) we know this as we have just sold one and the 10k surplus went straight to them. I assume you know that MX have a deadline to reduce there lending down to zero in around 15 years !!!
Regards
Brian

nathan stark

11:33 AM, 4th February 2016
About 3 years ago

Thanks for your comments everyone.

Remortgaging is not an option, as many are at 80 to 85% LTV, I also am enjoying the low rates (for now), I know i am asking for the best of both worlds here but I am annoyed at this small print, that I and many others missed.

But, surely they cannot consolidate on the property that was taken out through Keystone. I could argue that I separated this one knowing it was going to be the best for increasing in value. Which it was.

Mark Alexander

11:50 AM, 4th February 2016
About 3 years ago

Reply to the comment left by "brian gibson" at "04/02/2016 - 11:28":

Hi Brian

My understanding is that they only retain 100% of sale proceeds if your LTV across your who portfolio of mortgages with them is greater than 85%.
.

brian gibson

12:09 PM, 4th February 2016
About 3 years ago

Reply to the comment left by "Mark Alexander" at "04/02/2016 - 11:50":

Maybe Mark but how would they know we have had these properties for 10 years ! However, we have actually just received a request from MX to do an intenal and external valuation on a selection of our portfolio totaling about 25 properties at their expence, which they have never asked to do before! now we are fielding tenant calls all worried that we are selling their houses

Mark Alexander

13:09 PM, 4th February 2016
About 3 years ago

Reply to the comment left by "brian gibson" at "04/02/2016 - 12:09":

Hi Brian

They use the Halifax House Price Index Calculator to assess values.

The request tyou've mentioned is ringing alarm bells though. Have a chat with Peter Fisher at Boddingtons Law about this - see >>> http://www.property118.com/member/?id=7217
.

16:17 PM, 9th February 2016
About 3 years ago

doe's any kind person here have a mortgage offer letter from mortgage express from around 2006 onwards need to compare letters for authenticity please block out any personal details many thanks

Jim S

14:24 PM, 24th February 2016
About 3 years ago

Reply to the comment left by "ashley peters" at "09/02/2016 - 16:17":

Hello Ashley,
I have a full copy of MX mortgage offer from 16-5-06 get your email address to me and I will send you a pdf Send to anonymous20151996@outlook.com

Jim

16:04 PM, 24th February 2016
About 3 years ago

Reply to the comment left by "Jim S" at "24/02/2016 - 14:24":

many thanks but all sorted now thanks anyway much appreciated

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