A spokesman for Mortgage Express revealed their exit strategies at the Northern Property Tribes last night which was met with uproar both on and off-line.
Apparently, if you sell a property that’s mortgaged to them, Mortgage Express have the right to call in all of your other loans. The details of how they can insist on this are apparently in the small print of their buy to let lending terms and conditions. It was also intimated by the Mortgage Express spokesman that the bank is retaining the entire proceeds of sale where a property is sold. Questions have been raised by landlords over the legality of this practice and terms and conditions are being poured over by landlords and their legal advisers all over the country. Continue reading Uproar as Mortgage Express spokesman reveals their Exit Strategies