Mortgage Express want copies of tenancy agreements

Reply to the comment left by "Zahir " at "15/10/2015 - 19:29":

Hi Zahir
You say:"There was no fraud on my part and mortgage payments have been made on time without fail."
Without meaning to sound alarmist, the fact that interest is paid on time is not what lenders like MX are concerned with. Once a lender wants to get out of the mortgage business, they are not bothered about maintaining any sort of relationship or whether the customer has paid on time. Staff at the lender will be given targets of money to be got in and they may resort to finding technical breaches so that they can call a default.

I suggest you contact Peter Fisher but also, as previously advised, that you look to re-finance before MX stick the boot in.

Reply to the comment left by "Ian Narbeth" at "16/10/2015 - 10:16":

Ian - you are correct. They want to close the mortgage book and do not care how they do it.

The thing is that if you have a lot of mortgages it is very expensive to remortgage - if you have 10 properties with MX you might have to pay £20,000 or more in fees if you remortgage 'just in case'.And i don't know if you could get as good a deal with another lender as well, so you could also be paying more each month.
I wonder if you can do some of the legwork with a new provider just in case you come a cropper and get one of these 28 day notices - without having doled out all the money associated with the remortgage beforehand?
I am additionally wondering if you could get your tenants to sign a piece of paper saying they refuse permission for the lender to have a copy of their tenancy agreement and/or refuse an inspection??? Is there anything that could be used under Data Protection.

Reply to the comment left by "Linda Lane" at "18/10/2015 - 20:26":

Hi Linda
Yes it is expensive but not nearly as expensive as MX putting in receivers and having a "fire sale" of all your properties. Once that happens you will have to redeem all MX loans at the same time as MX can apply the principle of consolidation and treat every mortgage as security for every debt. You may also find "For sale" boards up outside your houses - not a good idea when the new lender's valuer comes round.

If you have the misfortune to have 10 properties with MX then you may just have to take the hit and incur the fees. Talk to a good finance broker. Yes, you may have to pay a bit more every month and that may hurt but you will have to refinance anyway when the MX products expire.

Surly if you haven't done anything wrong you should be safe. I understand taking precautions but the cost of doing so will be high. If you haven't committed mortgage fraud and tenancy agreement is correct then aren't you ok?

Reply to the comment left by "Steve Harris" at "19/10/2015 - 15:54":

The point is Steve, that Mortgage Express are not like any other lender. They are proactively trying to get out of the mortgage business and want their clients to go elsewhere. It's a very worrying situation for their clients. See here: http://www.b2lonline.co.uk/Article/Dynamic/f532db30-0ae0-4a0b-983f-9ed100f265f5
Apologies if you knew all that and were trying to make a different point.

Thanks Alison, I am totally aware that they want to get rid of their loan book and are proactive at doing so, however, my point is why move if you haven't done anything wrong? It's for them to show fault on your behalf...isn't it?

Is there anything in the MX terms that say anything like "If we ask you to show us a tenancy agreement and you don't, we can call in the loan"

Are they asking you, for instance, to prove that it is let and that you aren't living there yourself?

Thanks all.

By fraud I understand that I gave them false information such as income etc. I was in full time employment and I gave the actual figure for income. I cannot recall other information that would have requested where I had to lie. As mentioned before I did buy the properties for cash and then immediately re mortgaged them. if that is considered as fraud then I would be in trouble but everything was done by brokers and solicitors. Re the number of properties I have four properties with them and and they do have substantial equity in them.
I could make the excuse that the tenants do not want us to send them the tenancy agreement but am not sure what is in their terms and conditions as i have not yet read them. Also with regard to remortgaging I may have problems as I do not have a job and I am assuming most lenders want to see some income, although the income from rentals is quite sunbstantial.

Reply to the comment left by "Zahir " at "19/10/2015 - 21:01":

Zahir, - it may be prudent if you make contact as I know a lot of what is going on with them