Mortgage Express Meeting?

Before they went bust, did Mortgage Express seek to arrange “review” meetings with you? 

Did you have a Mortgage Express account manager before they went bust?

Do your other mortgage lenders seek to arrange review meetings?

These are of course loaded rhetorical questions!

OK, I confess, I have become a cynical old sod, just like the long in the tooth landlords I met 25 years ago when I first became a property investor myself. Do all landlords end up like this? LOL

Anyhow, just so you know ……

Mortgage Express are no longer a bank, they are run by a company called UK Asset Resolution “UKAR” which is wholly owned by the Treasury. When the owners of Mortgage Express (Bradford & Bingley) went bust the Treasury used tax payers money to take over the mortgage book. UKAR was then created to recover as much as that money as quickly as possible. Funnily enough, that’s when Mortgage Express account managers began to appear and when they first started contacting borrowers to do reviews. Very few people had a problem with this at first because they thought Mortgage Express was still a bank and they were only acting in the way that commercial banks act. Oh what naivety! Ever since then, Mortgage Express have been creating carnage and to a great degree most of it has gone unreported – until now!  The Daily Mail recently ran this article on the subject.

At Property118 we have been onto Mortgage Express for years!

The articles we’ve published and the subsequent discussions can all be found here >>> http://www.property118.com/tag/mortgage-express/

There is only one reason for your Mortgage Express account manager to request a meeting, they want you to repay your mortgage or find a way to force you to. Perhaps worse, they maybe seeking to gather evidence to call in your loans or to appoint an LPA receiver!

Why would anybody agree to meet them?

You have no obligation to do so and nothing positive can ever come out of it. They can’t lend you more money, they can’t extend your loan term, they can’t reduce your interest rates and they are certainly not going to be sympathetic, regardless of your circumstances.

Don’t feel compelled to meet them either, regardless of how ‘persuasive’ they might try to be.

If Mortgage Express request a meeting you should ask them why they want a meeting and what the consequences of declining a meeting might be. Then ask them to confirm what they have said in writing. If you don’t like the answer you might need professional help.

I do not recommended any Mortgage Express borrower to agree to a meeting with Mortgage Express without being represented by a qualified Solicitor or Barrister.

If none of the following apply you probably have absolutely nothing to worry about:-

• arrears of one or more monthly payments
• no insurance
• arrears on ground rent or service charges
• you arranged your mortgage with back to back bridging finance (AKA same day remortgage or daylight bridge)
• the term of your loan has expired
• unauthorised use of property differing to that which was intended / disclosed at time loan agreement was signed
• unauthorised works (extension/loft conversions etc) – Lender nearly always requires notice of proposed works and reserves right to withdraw lending at discretion
• multi-lets where no consents are in place

….. but that’s still not a good reason to meet them, unless you have nothing better to do of course!

If you are at all worried about correspondence you have had from Mortgage Express I offer a service to review it and advise you for a fixed fee of £395 inclusive of VAT – see below. I can’t guarantee to pull a rabbit out of the hat but I can guarantee an honest and independent appraisal of your circumstances and refer you to right people to help you do what’s best for your circumstances.

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