MORTGAGE EXPRESS - We don't know what to do?!

scrambledgeg

My husband and I have had a £135,000.00 self-cert 90% mortgage (property bought for £150K, last valuation was £170K, but probably gone down now) with Mortgage Express since March 2005. As customers have been made aware, they can no longer assist with mortgages, so when our 2yr 6.59% fixed term (£750pm) ends Feb 2010, we will revert to the standard rate and should really think about re-mortgaging elsewhere.

We found out by pure accident about ME's ERC waiver limited offer; quoted from their website: ''if you have an Early Repayment Charge (ERC) on your mortgage we will be giving you a limited opportunity to repay all or part of your mortgage off and have your ERC waived in full on the amount repaid. The ERC waiver is only available on payments received from 1st February 2009 to 30th June 2009'' :cool:

Sounds good, so hubby spoke to them and they said our rate was high, so they would ask someone from a company called 'Mortgage Force' to call us. They called today and advised that we can no longer have self-cert, aparently these don't exist anymore. In order to be considered, we would need to prove our income.

We are really stuck now, because our finances have changed now, as hubby has not worked full-time for 2 years, we have lots of credit card debts and I am due to give birth to our first child next month! I will be on maternity leave, but as soon as the money goes down, I'm going back to work. We have not claimed any benefits. We have managed to pay our mortgage every month, as a priority and have never missed a payment.

We are reluctant to contact mortgage companies for advice because the first thing they will want to know is how much we earn and then advise they cannot help us. Hubby is and has been trying his best to get a job with not much luck.

What can we do? We are tempted to just pack it up and rent, but even that would prove difficult, we'd have to sell our property and probably lose our desposit and any profit through fees etc... Or should we just leave it until Feb 2010 and let ME take the money from my bank account without question. It is a joke!

unite79

You will continue at M Express rate, be AWARE, most of the Mortgage Express deals, Especially the Self Cert deals, revert to a Tracker Mortgage, about 1.25% above base - That is why they are so keen to get rid of people!

koexelek

unite79 wrote: »

You will continue at M Express rate, be AWARE, most of the Mortgage Express deals, Especially the Self Cert deals, revert to a Tracker Mortgage, about 1.25% above base - That is why they are so keen to get rid of people!

true. No wonder they are prepared to waive the early repayment fees:rolleyes:

dimbo61

Read the terms & conditions of your mortgage offer carefully ! checking to see what happens to your mortgage after the fix ends!
If it does revert to a tracker deal at BOE + 1.25% ( 1.75% at todays figures !!!! ) then your mortgage will come down ( just in time for the baby)
If this is the case then sit tight and let the fixed rate deal end and it go onto the tracker.
If they call you just say you are happy with the deal you are on as they cant force you to redeem the mortgage and move eleswhere GOOD LUCK with the baby.

scrambledgeg

Thanks to you all for your great advice! It's certainly put our minds to rest. We'll call them to find out what happens when our fixed rate term ends and then prepare to sit tight.