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Buy to Let Mortgage Shopping
 The End Of The Mortgage Express |
 11.3.2009, 16:48
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#1
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New member  Group: User Posts: 1 Joined: 10.3.2009 Member No.: 85  |
As we all lnow Mortgage Express stopped lending. They were very strong in buy to let, with good products and flexible lending criteria. They were part of Bradford and Bingley, which got into trouble. Most of Mortgage Express customers received letters offering to switch mortgages without penalty. I have looked into it, but as my mortgage is around 85%(could be even more, depending on the valuation) I can't find any lender who will offer me anything suitable. Is anybody there with similar problems?
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13.3.2009, 14:24
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#2
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 User Group: User Posts: 28 Joined: 4.2.2009 Member No.: 6 |
QUOTE (Shapocliak @ 11.3.2009, 19:48)  As we all lnow Mortgage Express stopped lending. They were very strong in buy to let, with good products and flexible lending criteria. They were part of Bradford and Bingley, which got into trouble. Most of Mortgage Express customers received letters offering to switch mortgages without penalty. I have looked into it, but as my mortgage is around 85%(could be even more, depending on the valuation) I can't find any lender who will offer me anything suitable. Is anybody there with similar problems? A friend of mine has several buy to let properties and they are all with Mortgage Express. I think he had a letter offering to switch provider , but he can only do it until 30th of June as during this period they wave early repayment charges, but after that date they will be applicable again. owever he can't find any lender as his mortgages are as well of quite high LTV. |
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6.4.2009, 21:12
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#3
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 Senior Group: Administrator Posts: 115 Joined: 3.3.2009 Member No.: 36 |
mortgagetrust currently offers 85% btl mortgage, but, not sure whether there are any special cons. Do hope you can sort smth out pretty soon!
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22.4.2009, 10:29
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#4
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New member Group: User Posts: 3 Joined: 16.4.2009 Member No.: 221 |
QUOTE (IvoLets @ 6.4.2009, 22:12) mortgagetrust currently offers 85% btl mortgage, but, not sure whether there are any special cons. Do hope you can sort smth out pretty soon! Mortgage trust is not offering mortgages, only product transfer/further borrowing! Cheers Steve |
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22.4.2009, 23:18
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#5
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User Group: User Posts: 28 Joined: 4.2.2009 Member No.: 6 |
QUOTE (BTLMortgages @ 22.4.2009, 14:29) Mortgage trust is not offering mortgages, only product transfer/further borrowing! Cheers Steve IvoLets you must have an existing mortgage with Mortgage Trust to get the 85% deal, otherwise they are not offering much at all. If you have a mortgage which is anything around 70-75% it is quite difficult to find anything as valuers tend to down value all properties, I think to be on a safe side. Just yesterday I was talking to friend, who can't remortgage. They bought a house for around 100K about 2 years ago. At the time they did put down 20%. Their fixed rate is about to expire and they were hoping to get a cheap mortgage. Yea, they can't get any, as their property was valued at 80K; which means that they need a 100% mortgage, which of course they can't get. I can tell you that, this valuation report came as a shock as they didn't expect that at all. They don't agree with it, but to be honest I don't think they will win as valuers hardly ever change their mind. Now they are at the variable rate, which is happily very low, but for how long will it last, that is the question. |
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23.4.2009, 9:22
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#6
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New member Group: User Posts: 3 Joined: 16.4.2009 Member No.: 221 |
QUOTE (cat @ 23.4.2009, 0:18) IvoLets you must have an existing mortgage with Mortgage Trust to get the 85% deal, otherwise they are not offering much at all. If you have a mortgage which is anything around 70-75% it is quite difficult to find anything as valuers tend to down value all properties, I think to be on a safe side. Just yesterday I was talking to friend, who can't remortgage. They bought a house for around 100K about 2 years ago. At the time they did put down 20%. Their fixed rate is about to expire and they were hoping to get a cheap mortgage. Yea, they can't get any, as their property was valued at 80K; which means that they need a 100% mortgage, which of course they can't get. I can tell you that, this valuation report came as a shock as they didn't expect that at all. They don't agree with it, but to be honest I don't think they will win as valuers hardly ever change their mind. Now they are at the variable rate, which is happily very low, but for how long will it last, that is the question. Cat is right! Valuers are quite hard minded to say the least. I know by fact that the valuers are down valuing the properties due to lenders pressure, with the demand for valuations so low the surveyors firms only survive due to lenders instructions. You will not upset the hand that feeds you … Cheers Steve |
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