Uproar as Mortgage Express spokesman reveals their Exit Strategies

Make sure you have a voluntary 2nd charge registered in say a parent's name or very trusted party for all the existing equity in your PPR plus about the equity you think the property will appreciate by until you are say 75.
MX will sell your portfolio at a shortfall and put 2nd charges on your PPR or force the sale of the property, leaving you homeless.
There are thousands of LL with MX in a similar position as yourself and I face being homeless in about 5 years due to a mortgage having to be redeemed or the property sold.
I have large negative equity and I am busy trying to get as much negative equity as I can.
This situation is going to cause chaos for tenants.
But MX doesn't seem to mind taking the negative equity hit as it is all govt money.
Govt won't concern themselves with negative equity as they will just move a few digits on the balance sheet and they will have recovered a vast amount of mortgage money!
They will not be concerned about lots of negative equity property.
The cash rich LL; which tend to be the larger ones will pile in snapping these ex-MX properties,
LL will lose millions of pounds in capital they used to purchase property with MX.
These LL will have their livelihoods destroyed by MX.
Time to start hiding assets out of any accounts in your name before the receivers; bankruptcy or otherwise come calling.

is this a new MX policy? I have two B2L with them, A1 payment record and they have never called me, ever. I do get regular letters suggesting i over pay.

I am a little confused with yours and JMOO post, are they targeting bigger borrowers to get their loan book down, or are the account reviews due to payment record?

I suggest you politely cancel the appointment and advise them that you already employ an independent financial adviser. MX have only one motive which is to encourage you to reduce your exposure to them. Providing you are operating your portfolio in accordance with their terms you have absolutely nothing to worry about. You are certainly not obliged to meet them. If they believe you are in breach if their mortgage terms they may well put pressure on you but there is nothing they can do without a court order. The more information you give to them, the more likely they are to increase pressure in you to reduce your loans with them. Give them an inch and they will try for a mile.

You should be OK providing you keep your payments up and do not sell ONE of your MX mortgaged properties.

It is only so much conjecture but based on info that has been posted on this site it seems there is a MX policy to reduce their loan book by fair means or foul.

NEVER overpay your mortgages unless you are content with increasing the equity value of your property which gives MX the chance to sell at a loss if they so desire if there is any issues with your mortgages.

Rather than overpay keep the overpayment money in a separate high interest account or pay down any other expensive debt you may have.

If ever needed you will have access to those funds to either make a lump sum payment to reduce the mortgage debt or you may spend it on whatever.
Putting it into the mortgage means you will NEVER be able to pull it out again; though with overpayments built up to about £10000, apparently they can be used for mortgage payments the following year.
Just in case though I would NOT do this as they might just reduce the loan by the the amount of overpayments and you will NEVER recover this money for any purposes.
Remain in control of YOUR money rather than handing over control to MX!

This is standard policy, they contact all borrowers. I think they have given up on me though as I give them a hard time when they call. I have never missed a payment but I am a large borrower. Obviously it makes sense for them to target large borrowers.

Some advice would be welcome.

I live abroad (Thailand, the Sun is shining an temperature 30C , thanks for asking.) in a property I own. I don't work, have little capital, my only income is rental income and modest private pensions. I will receive a UK NI pension which will be frozen at the rate at which I take it if I remain in Thailand, so Intend not take it until I'm 66. Though the new consolidation proposals may change my thinking on this.

I have two buy to let properties both bought in late 2002 in both my equity is high about 40%. They are managed by a good agent. over ten years I've had a total of 42 days of voids. They provide £1,300 month after costs.

One mortgage is with MX at base +1.75%.

The other with another lender at base+2%

My payment record is spotless but I due dread the inevitable but likely long delayed rise in mortgage rates.

Since October I've been overpaying MX at the maximum monthly rate available in Choices of £1000 (1% of loan).

I'm now 60 and so both mortgages are due for repayment in 14.5 years time as they expire on my 75th birthday.

I have an endowment ending in March which is likely to provide £73,000.

My intention had been to earmark about £10-13,000 to continue building my Choices balance up at £1,000 month to £16-20,000 so as to provide some easy to get at capital. then continue paying off at some lower rate of say £1-300 month. This money would be rainy day money for say repairs or voids. But I'm worried by reports of them not honouring the terms and returning money when asked - which would be absurd at my LTV.

Some £2-3000 as savings necessarily at almost zero interest.

And the balance of £58,000 to pay of what is 50% of the, other higher cost, mortgage, there is no Choices scheme once it has been paid it is gone. I would also do some continuing over-payment again at £100-300 month,

It seems an absurd to be spending so much capital to save what will be about £125 month in mortgage, but this worked very well through my working life and I do not feel able or willing to try to build a portfolio.

At 75 if the lenders insist on repayment I will sell one of the properties and pay off the remaining mortgage, if the lenders insist. Does anybody have any experience of mortgages being allowed to continue beyond 75?

Does the strategy above seem sensible? Mark I know you say never pay down debt but currently find your reasoning not wholly convincing.

Nobody is saying don't pay down debt, they are saying pay it down but have access to it, to pull it out again if needed.
You will NOT be able to recover funds of overpayment from MX; don't believe me?,, well try it then!
Their Choices plan is a con to get naive people like you to reduce their debt with MX.
What you should do is put your overpayments into a high interest account like an ISA.
That way you will be obtaining roughly the same credit interest as mortgage debit interest.
You must remain in control of your liquidity not the bank.
Do not allow the bank to control your overpayments
Do not trust them.

Ian, if you don't cant make a better return on your money than the interest you are paying to MX then and only then might it make sense to overpay but do not rely on them allowing you to draw down again. An easy way to test this is to request a maximum drawdown now and see what the response is. You can always cancel the request if you want to. Also, there are several lenders providing buy to let mortgages beyond age 75 - see http://www.property118.com/index.php/ageism-in-buytolet-mortgages/30658/

Mark - Would you know if the consolidation of Debt by MX also counts for residential properties or residential mortgage ?

Does anyone know if this also includes a MX residential mortgage? For example I have 2 BTL loans and 1 Residential with MX. Can they consolidate all of these loans or just the BTL's?