Mortgage Express BTL mortgage- what will happen now?

[gunnag]

Ive got a btl mortgage with Mortgage Express a subsiduary of bradford and bingley.

IM on a five year fixed rate of 4.75 with two years remaining.

Im wondering whats going to happen to my mortgage now that B&B are being nationalised. Will continue with my current deal or will they force me on to a new mortgage?

[attilathelandlord]

The mortgage might be sold on, but you will continue on your fixed rate until the end, they cannot change your deal.

I've got plenty with ME and I'm not worrying. These days it's the banks worrying!

[Mrs Jones]

I had a self-cert btl mortgage with GMAC which was sold on to Mortgage Express - and excuse me but it gets paid on the dot every month - not all of us are defaulters!!!!:D I had to do it this way as I had been abroad for a while and wanted to buy a flat when I got back but didn't have any proof of income. This is now let....

I read the Q&A on their website and those with mortgages will just keep on paying them to B&B - but the name might change eventually (possibly to Northern Rock).

[angelas]

hello im not sure what to do ive got a mx mortgage for 25k with about 4.75yrs left... is it safe to stay with mx ???? the property is worth over 1000000k so its only a very small mortgage

[attilathelandlord]

Of course it's safe to stay with MX. Don't worry about it, the market will be different in 4 years time.

[coupleuk]

We have two BTL with ME at fixed rates due to end in January.

Our Contracts state that the rate is then fixed at 1.75% above BOE Rate for the remainder of the term.

So, can they legally change this and expect us to pay more?

If it is fixed then it will certainly be better to stay with them (whoever it is) as other rates and especially set-up charges are much higher than BOE+1.75%

Paul

[Rodent1]

1000000k?

1,000,000,000? If you have a small mortgage on a property worth 1 billion pounds, you must be a lucky person.

Yep call and ask for rates on further borrowing then start lending that back to the banks ...i hear they are having problems finding cash to lend:D

The Rodent

[angelas]

hello wickerman its a million not i wish a billion... :)

[ash05]

Mortgage might be sold on, but you will continue on your fixed rate until the end, they cannot change your deal.

[Brit1234]

I think what they will do is try to push away people trying to remortgage to other providers to recoup the money (a la Northern Rock). They will make remortgages at MX very uncompetitive through higher interest rates and fees.

[attilathelandlord]

Yes but most MX deals go onto a capped tracker for the life of the mortgage which ironically is going to be cheaper than anything else out there for a while. For example at the end of several fixed deal, my MX mortgages are on 1.75 over base, which is cheaper than any other BTL mortgages out there. I'll be staying with them whether they like it or not!

[rajeshk4u]

One of the problems with Mortgage Express is that they gave cheap introductory rates such as fixed for 3 years at 4.99% and there after the rates would reverts to something expensive like e.g. base +1.75%

Before the credit crunch, a rate of base + 1.75% would have been daylight robbery but these days it is the going rate.....

So people who are going to be coming off fixed rates need to keep an eye on the cash flow.

I don't think it is worth re-mortgaging, as the revaluation will be lower.... so it will cause other problems. Plus lots of bank charge 1.5%+ as arrangement fees....

So it is worth sticking to Mortgage Express...

[Mrs Jones]

Re Wickerman's advice to remortgage before the fixed rate ends - I can't - I am no longer employed so would not be able to get a mortgage at all - however, I have already been notified by MX of what the increase is likely to be when the fixed rate ends in December and it is not tooooo horrendous (especially if they pass on the interest rate changes) - so I am just going to have to live with it for the moment. When the market picks up - which it will eventually, then I shall again try to sell rather than remortgage.

Re posting by coupleuk, one of my fixed rate btl mortgages finished in August and I was panicking till I re-read the original paperwork - it then went on to a tracker 1.2% above base - and was a better deal than any out there at that time!! Once again, I decided to just stick with it till things get better....:cool: