FAO Mortgage Express Customers

happybroker

Mortgage Express are resuming their campaign to reduce the size of the mortgage book and recapitalise by renewing their offer to waive early repayment charges for clients that are tied in on deals.

I am told that ME customers and Bradford & Bingley branded clients will be mailed mid january to confirm this offer....keep an eye on your letter boxes and get in touch with your advisers, there may be some pretty good savings to be had!!

happy days.

flubber

Re the above. How do you go if you are in negative equity now. We took our mortgage out 2 years ago when prices were higher, is a new company likely to take us on?

sward42

ive read that it is normal for lenders to offer further incentives to reduce their mortgage book.

i.e. A lump some off your outstanding balance for you to move on?

Does anyone think that mortgage express will go down this route at some point.

the current ERC waiver does not really help me as im fixed with them untill june @ 5.69% and then i drop to Base Rate + 1.75%.

Scott

opinions4u

flubber wrote: »

Re the above. How do you go if you are in negative equity now. We took our mortgage out 2 years ago when prices were higher, is a new company likely to take us on?

I would expect a new lender to need at least 10% to 15% in equity.

I would strongly suggest that you try saving, as having some capital behind you may give you the opportunity to buy yourself out of a bad situation, especially if house prices continue to recover.

Nationwide have a useful tool to help you estimate the value of your property.

sward42 wrote: »

ive read that it is normal for lenders to offer further incentives to reduce their mortgage book.

It certainly isn't normal. A handful of lenders have done this though.

Does anyone think that mortgage express will go down this route at some point.

I wouldn't rule it out, but I would suggest that it would be specifically targeted at those who are either high risk or loss making due to low rate agreements, if it happens at all.

the current ERC waiver does not really help me as im fixed with them untill june @ 5.69% and then i drop to Base Rate + 1.75%.

It would take a massive reduction in debt to make it worthwhile to move away from a 1.75% deal. Be very cautious before accepting any such offer in the unlikely event that it happens.