Mortgage Express

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Mortgage Express

Postby Jo King » Fri Sep 12, 2014 9:49 am

There has been a lot of speculation and some negative feedback about Investors' experiences dealing with Mortgage Express. I can't quote word for word but the sort of information I gathered from reading these reports (mostly on forums) was that Mortgage Express can and do require Investors to pay back part or all of their mortgages as and when they chose, often with little or no notice and sometimes with no justifiable reason. I have also heard that if you sell one property with equity then they will keep some or all of this equity to pay down any other debts you have with them.

As I have loans with Mortgage Express this has played on my mind a little, but to date bears no resemblance to the experiences I've had with Mortgage Express.

I've had the loans for many years, I have always paid my monthly payments on time and they were very accommodating AFTER the credit crunch in extending the terms for me ( thanks to a tip from Lisa Orme). They have never hassled me or required anything of me other than my monthly payments which I've been happy to oblige with.

Three weeks ago I made a decision to sell one of the properties with a MX loan on it. There is a lot of equity in the property and a sale was agreed within 3 days at above the asking price (phew!). I was fully expecting MX to ask me to repay part of the remaining debt secured on other property. This was not an issue as I intend to do that anyway. However, they have provided a Redemption Statement which seeks only the exact amount I had borrowed against the property I'm selling, plus £175 Redemption Fee.

So if like me, you were nervous about the stories you've heard then don't be - unless you've breached any terms of your MX mortgage or you are in negative equity, then I don't believe you have anything to fear as MX have played completely fair.
Jo King
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Jo King
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Re: Mortgage Express

Postby Steve Griff » Wed Sep 17, 2014 11:11 pm

Glad to hear that Jo, you deserve no less than fair treatment.
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