Is Rightmove snitching to Mortgage Express?

by Readers Question

11:23 AM, 25th January 2016
About 3 years ago

Is Rightmove snitching to Mortgage Express?

Make Text Bigger
Is Rightmove snitching to Mortgage Express?

The dreaded MEX review has led to ruin for many, so it is wise to avoid triggering one.snitch

I would like to know if any reader has had a review started within a short time of advertising a property for sale on Rightmove or Zoopla, etc?

Rightmove run a ‘snitching’ service, called ‘Mover Alerts’ which notifies lenders as soon as a property is advertised.

http://www.experian.co.uk/assets/consumer-information/brochures/Mover%20Alerts_LO.pdf

Does any one know if MEX/UKAR subscribe to ‘Mover Alerts’? If you got a review soon after advertising a property or were contacted by MEx after they ‘found out’ you were selling, please respond to this thread.

Likewise, if you have had property listings on Rightmove for months without hearing anything from MEx please respond here.

I worry that the LPA receiver / MEx pact will see their last chance to take the property and charge huge fees and will step in to prevent a sale so they can squeeze a bigger cut. Am I right to worry?

Joel



Comments

Mark Alexander

11:43 AM, 25th January 2016
About 3 years ago

Hi Joel

I think you are being a bit too paranoid on this occasion.

MX/UKAR will want you to sell the property and pay off the loan and certainly wouldn't try to take possession before you do, unless of course they are already aware of a very serious breach of conditions and already have proceedings underway. Even in the event of that would be more likely to have a preference for you to sell if at all possible.

If you are seriously proposing to sell a property then I would actually recommend that you contact MX and ask them to run your portfolio through their online valuation system. They should then be able to tell you the redemption payment. If they think your portfolio is geared at more than 85% they will also want to keep some of the sale proceeds to reduce the LTV on other properties.

The only thing I'd be a bit cautious of is if they offer a face to face consultation or start asking you to fill in lots of forms. If that happens please let me know by leaving another comment here.
.

Ed Atkinson

16:33 PM, 1st February 2016
About 3 years ago

I phoned them and talked through my plans to sell. They said it would have no impact on my other MX properties under the current rules (Jan 2015) but they could not promise their rules wouldn't change. The sale completed in August 2015 and I have not heard from MX since.


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

Millennials stumble on the Property Ladder

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More