Another 100% Lender withdrawal - Mortgage Express

mortgagemark_2

Mortgage Express are withdrawing all mortgage deals and products over 85% LTV

They have issued the following statement:
In recent weeks we have seen a number of significant changes in the market, most notably lenders withdrawing from segments of the market, or repricing their deals significantly. As a result we have seen substantial increases in levels of new business, particularly on our non-core products.

In order to maintain service standards and ensure that we continue to support our intermediary partners in our core markets, we are withdrawing a number of non-core deals at close of business today, Wednesday 12 March 2008. This means that the following are no longer available:
•
All mortgages in our Standard range
•
All mortgages in our 100%+ and 100% Extra range
•
Buy-to-Let Extended Criteria 90% LTV
(this applies to both Buy-to-Let for individuals and Limited Companies)


We are also withdrawing our Self Cert 2 year deals at 85% LTV – the range will be limited to 3 year deals only.
Removing these products will allow us to focus on providing you with specialist mortgages in our chosen markets – Buy-to-Let, Self Cert and Lifetime.

lismarie

Seriously?? I have an application in with them at the moment, just waiting for formal agreement. What about those who have already made an application?

There is nothing on their website about this. How did you hear this?

Does anyone else know anything about this? We have already had our aip but have now sent all the info they requested for the underwriters. My oh has gone over his overdraft on his bank statements. Do you think they will be more strict in light of this and refuse us?

herbiesjp

Emails sent from lenders to brokers

You should be fine as long as the application is already going through like yours is.

Conrad

90% is the new black. Prices should fall about 10% with a bit of luck.

mortgagemark_2

herbiesjp wrote: »

Emails sent from lenders to brokers

You should be fine as long as the application is already going through like yours is.

Would agree herbiejp - although we have heard unofficial rumblings on this one from a solicitor contact of ours he received some correspondence contrary to this - not confirmed to date - fingers crossed for everyone that offers will be honoured !!

Please advise if you hear of any updates.

lismarie

Does anyone know if anyone HAS had a 100% mortgage agreed with Mortgage Express lately?

lismarie

Just bumping this as it was posted later yesterday :j

Does anyone know if Mort Express ARE in fact still lending the 100% if you have your application in already?

mortgagemark_2

lismarie wrote: »

Just bumping this as it was posted later yesterday :j

Does anyone know if Mort Express ARE in fact still lending the 100% if you have your application in already?

Hi - yes we had one agreed last week - case offered - solicitor waiting to exchange - received a fax from Mortgage Express stating "Offer on hold" - we called lender to be told "random audit" - to be advised ..........

lismarie

Oh bummer, that doesn't sound good does it!!

Thanks for the reply.

mortgagemark_2

mortgagemark wrote: »

Hi - yes we had one agreed last week - case offered - solicitor waiting to exchange - received a fax from Mortgage Express stating "Offer on hold" - we called lender to be told "random audit" - to be advised ..........

Update ..... Apparently it was not Mortgage Express who pulled the offer - The FSA have plucked it out for a random audit so hopefully a storm in a teacup and will be ok.

lismarie

I have found the following information on the mort express website:
The final dates for our existing product range are:

• Binding decisions Midnight 12th March 2008
• Unpackaged applications - 19th March 2008
• Packaged applications - 9th April 2008
• Offer issue - 23rd April 2008
• Completions - 6 months after original offer issue date

Can anyone explain these terms to me?
I have an offer in principle and have sent all items that our broker has requested, we are waiting for the underwriters to make a decision. Valuation has been done.

Which one of the above (i any) do i fit into?

Many thanks for your help so far....