Trapped by MortgageExpress

rothers8080

I took out a mortgage via mortgage express 4 years ago on 4 houses which had been registered as one house and a business. The idea was to split them back in to 4 houses and sell each one off. Mortgage express were fine with this but if I wanted to sell any in the first 3 years I had to pay a fee.

So I worked on the houses and waited until the 3 years were up.

Then it all hit the fan with the banks.

I've just got a letter from Mortgage express saying they will no longer allow me to sell off any of the houses and I will have to move to another mortgage company if I want to do this.

I'm self employed with just savings in the bank and I doubt I could ever get another mortgage for these 4 houses. The one I currently have is a self cert at 2.5%.

This whole situation seems very unfair and it appears I'm totally trapped here.

Does anyone know a way out of this for me? Is it worth trying to appeal to Mortgage express to be more understanding?

Trollfever

A business venture that has turned sour.
Mitigate your losses.

.

Conrad

Craig

Can you answer the following for me please;

Total REALISTIC value of the whole block - please be conservative, especially on the commercial part

Total amount owed


There may be a way out of this for you

Conrad

Sorry, I forgot to say; The value as is now, not 'hope' value based on what it would be worth if you did x, y and z

rothers8080

Hi,

The mortgage is at about £200,000 and I've agreed to sell one of the houses for £95,000. It was when we tried to go ahead that this issue came up.

One of the other buildings has planning permission for 5 flats, another is my house and the 3rd is empty.

So it's all in profit, I just can't get past this situation as I can't get a new mortgage.

'Mitigate your losses.' does not really make sense here as I've done nothing wrong, I've never missed a payment and it's MEX who have changed the rules.

I can indeed afford to keep paying the mortgage but being trapped with 3 empty houses seems crazy, especially when a local couple is desperate to move in to one of them!

toonfish

just split the titles (which you'll need to do to sell them anyway) and remortgage individually

Conrad

Toon I dont think M Express will allow titles to be split.

Again, I need to know the total value as it is now in it's entirety. A valuer will value as is, not as what may be if the titles are split etc.

If the value is sufficient you can borrow a short term loan from a specailist lender and then split the titles then sell on or even keep some of the properties and remortgage to more normal mortgage types.

rothers8080

Just want to update this to say it looks like it has been sorted out with the help of a very kind mortgage broker on here. (I'm happy to say who if I'm allowed, or PM me).

Mortgage express have reversed their previous decision and it's all go again!

Good thing I didn't give up and take the advice of trollfever!

worried_jim

well done Craig good news. not a lot around at the moment.

Robert_Sterling_3

Wot a result :j