When a mortgage company is owned by the state

psmith099

Hello all sorry if there are any threads on here already I have searched but couldn't find what I wanted. I have a mortgage with mortgage express which was part of Bradford and bingley now state owned. I have about 20 years left on my mortgage and I'm not in difficulty in making my payments etc. the rate is really low at the moment so I really don't need to move mortgage, however I know that they want to reduce/close their mortgage book sooner rather later. I have heard that in order to get you off their mortgage book they are or may accept a proposal where say I have 200k left on my mortgage they might accept a full and final settlement minus say 20% so they lose a little of my mortgage just to get rid of me. Wondering if anyone can confirm this or how do you go about approaching this issue with the mortgage company. Thx

kingstreet

I've known this happen with lenders like Advantage, the Morgan Stanley arm. If the lender is going to do this, it will contact you to offer it. You're not likely to be successful with such an approach if they aren't already offering it, but if you don't ask...

AFAIK the only thing NRAM has done to encourage borrowers to leave is to waive early repayment penalties. As UKAR now manages the NRAM and B&B business I imagine you can expect a common approach.

This organisation is tasked with getting as much money back for the taxpayer and this may prevent you achieving your aim.