RemortGaging with Mortgage Express - Please help!

SteveCat

Hi me and my partner are Remortgaging with Mortgage Express and recieved our offer Saturday. I just wondered if whats going on with Bradford and Bingley will affect this at all? Or will they honour the offer?

herbiesjp

you will be fine - should be business as usual

arkie

you should be fine assuming B&B dont withdraw all mortgage offers !!!! which is a possiblity. If I was you I would complete ASAP

Oldgaffer

HiI SteveCat and others - I wish you best of luck with the offer process in light of this mornings news! Just wondering Hherbie & Arkie et al what can we 'good' Mortgae Exp[ress/B & B borrowers expect in next few weeks post? Wioll we be asked, persuaded to shift our mortgage elsewhere? Doubtless at higher rates?

Any early thoughts appreciated. Must be hundreds of us out there checking the small print...

Ian_Griffiths_Halifax

Any deals you are on will be honoured. It's what the rate will go to once your deal comes to an end that will matter.

I envisage that B&B will come to an arrangement similar to Northern Rocks, whereby they will encourage people to leave at the end of their deal by not offering any good deals to stay. That way they can reduce their mortgage book.

Mortgage Express did mainly Self Certification and Buy to Let mortgages and many of those Buy to Lets. I think they will be stuck with a lot of them as soon there won't be anybody who will want to take them on!

koexelek

Ian_Griffiths_Halifax wrote: »

Mortgage Express did mainly Self Certification and Buy to Let mortgages and many of those Buy to Lets. I think they will be stuck with a lot of them as soon there won't be anybody who will want to take them on!

Some of the Mortgage Express buy to lets I have arranged have recently come up for maturity at the end of the deals.
Most clients are sticking on the SVR, because no other lenders want the business ( rental calculation does not fit), and the ME retention products are ridiculously expensive.

SteveCat

Ian_Griffiths_Halifax wrote: »

Any deals you are on will be honoured. It's what the rate will go to once your deal comes to an end that will matter.

I envisage that B&B will come to an arrangement similar to Northern Rocks, whereby they will encourage people to leave at the end of their deal by not offering any good deals to stay. That way they can reduce their mortgage book.

Mortgage Express did mainly Self Certification and Buy to Let mortgages and many of those Buy to Lets. I think they will be stuck with a lot of them as soon there won't be anybody who will want to take them on!

Just phoned them and you're right, they will honour the offer PHEW

Anyway thanks

Husband_of_a_spendaholic

SteveCat wrote: »

Just phoned them and you're right, they will honour the offer PHEW

Anyway thanks

After your initial deal comes to an end you will revert to Bank of England tracker rate of BoE + 2.14%. That's in your terms and conditions, so the margin above the bank rate can never vary. The only variable is therefore what the Bank of England does.

I wouldn't worry too much about options at the end of the deal. If MEX are no longer offering retention deals, then it wouldn't surprise me if you were able to transfer to the Northern Rock given they have now started lending again. :T