mad_maz Posted April 7, 2010 Report Share Posted April 7, 2010 Hello Does anyone have 'buy to let' mortgages with Mortgage Express? I ask because the company appear to have appointed 'Portfolio Relationship Managers' and for some time now one of them has been trying to get information about our properties from us, with a view to helping us manage our portfolio more effectively. I was adamant that I was not going to divulge the information they were asking for over the telephone (it could have been anyone ringing me) as they wanted to know how much rent we charge, what type of tenants we have, details of the tenancy agreements, approx current value of properties etc. I have now received a very pompous letter advising that they expect to receive copies of the tenancy agreements by 6th May, to ensure that we are complying with all of the requirements set out in the original offer conditions. No other mortgage company have contacted us asking for this type of information, and we have never defaulted on mortgage payments (or any other payments). Is anyone able to enlighten me as to whether I HAVE to divulge the information, because I think that even after having copies of the tenancy agreements they will still want the other questions answered. It smacks to me as job creation and someone being a 'jobsworth'......apologies if I have the wrong impression Maz Link to comment Share on other sites More sharing options...
mygafs Posted November 18, 2010 Report Share Posted November 18, 2010 Hello Does anyone have 'buy to let' mortgages with Mortgage Express? I ask because the company appear to have appointed 'Portfolio Relationship Managers' and for some time now one of them has been trying to get information about our properties from us, with a view to helping us manage our portfolio more effectively. I was adamant that I was not going to divulge the information they were asking for over the telephone (it could have been anyone ringing me) as they wanted to know how much rent we charge, what type of tenants we have, details of the tenancy agreements, approx current value of properties etc. I have now received a very pompous letter advising that they expect to receive copies of the tenancy agreements by 6th May, to ensure that we are complying with all of the requirements set out in the original offer conditions. No other mortgage company have contacted us asking for this type of information, and we have never defaulted on mortgage payments (or any other payments). Is anyone able to enlighten me as to whether I HAVE to divulge the information, because I think that even after having copies of the tenancy agreements they will still want the other questions answered. It smacks to me as job creation and someone being a 'jobsworth'......apologies if I have the wrong impression Maz hi maz, they have just started on me too! are they still on your case or have they crawled back into their cage? ps new to forum today as a bit concerned about their agenda!! bal Link to comment Share on other sites More sharing options...
Melboy Posted November 18, 2010 Report Share Posted November 18, 2010 You are under no obligation to tell them anything if it wasn't agreed prior to you taking out one of their mortgages so let them swivel eh! Mel. Link to comment Share on other sites More sharing options...
mygafs Posted November 18, 2010 Report Share Posted November 18, 2010 You are under no obligation to tell them anything if it wasn't agreed prior to you taking out one of their mortgages so let them swivel eh! Mel. hi mel thanks for the reply. i just wonder how far they will go to claw in money as i guess they are desperate to pay back money to the government??!! it just seems odd that they are trying to scrutinise buy to let customers who are paying their dues on time (never a day late, ever!). i seems like they want to penalise their customers for their imprudence in the past. ps hope they are reading this!! thanks bal Link to comment Share on other sites More sharing options...
Mortitia Posted November 19, 2010 Report Share Posted November 19, 2010 Hi Maz and Mygafs, I don't have any connection with this company but I have BTL mortgages with High St banks as a business customer and I have never been approached like this ever. I am sure this is some sort of heavy handed sales technique.. Think about it - they have no money to lend right now, financial advisors who would have sold thier products have disappeared so they are trying to make money from their back catalogue - which is YOU. Never give details of your lets and mortgages on the phone casually. If this outfit is listed under the financial services authority think about reporting them for inapprpriate behaviour, Stay safe, Mortitia Link to comment Share on other sites More sharing options...
Selkirk Posted November 22, 2010 Report Share Posted November 22, 2010 Hi I had a letter from Mortgage Express saying 'thank you for updating your bank details', I hadn't touch it, I phoned them and it turns out the MDD was transfered to the 'new owners' (can't remember now how it was) of ME - quite straight forward. Whilst on the phone the guy started asking all sorts of questions, is your property still within the LTV, do I intend to reduce the capital etc. It caught me out a little so I asked him if he was giving me financial advice and if he was qualified to do so, this seemed to do the trick - for now anyway. Oh and i said that I was open for offers if they would like to buy out my mortgage for a premium, he didn't want to know that. My advice therefore is to prepare a list of questions to ask them and make sure you are adhereing to your obligations within the mortgage. I too think they are trying to claw back as much money as possible but not necessarily to repay the Gov. if they can then relend it out using another path it will be at a much higher rate. This won't last forever sadly but it'll take a good while before it starts to work against you. cheers. Link to comment Share on other sites More sharing options...
aimscotland Posted December 15, 2010 Report Share Posted December 15, 2010 This all depends on the terms of your loan. I nearly all cases you will have certain small print which the lender calls "covenants". The bottom line is that the banks are entitled to ask you whatever they want if it is within the terms of the loan. I am guessing that you are on the variable rate and therefore paying a small amount on the monthly loan. What the lender is trying to do is see if you are breaking any of the covenants in order to charge you a higher interest rate. This is why they are asking you if your loan is less that 75% LTV which if it is you would be breaking one of the covenants and therefore they would be entitled to increase the rate to a default rate. Alternatively in a worse case scenario they can call in the loan. The process is that they gather the information from you about the property. If you are in negative equity or a low LTV then you break the covenant and they put your rate up or ask you to sell or repay the loan. If you are doing ok and decide to give them the details they will ask you for them regularly. Eventually they will find a covenant that you will break and up your rate. Typical covenant rules are LTV, rental yield, insurance cover, void periods, types of tenants and many many more. The next step is that they may instruct a survey which you will have to pay for in order that they ascertain the value. What is happening here is that the lender has finally got there act together and has started to put relationship managers in place whose objective is to manage the banks money, see what is at risk and get as much money back as possible. I have commercial loans with RBS and Clydesdale which i have had the same experience. I also has a commercial loan with the Dunfermline which i was paying 1% over base and they have now put me on default rate of 6% until they survey the properties at my expense. Nice! This is the first time i have heard of it through smaller individual BTL loans and i am also a bit worried. My advice is this. Stay of the radar. Ask them to put it in writing. Delay the answers but don't avoid. They have a massive portfolio of individual landlords which is much more difficult to manage that the larger portfolios of commercial landlords. If you get what's called a default letter you usually have 14 days to rectify this which means you must answer them or they will up the rate or call in the loan. It does look to me like they are beginning to try and gather the information before they decide what to do. Link to comment Share on other sites More sharing options...
DaveM Posted June 19, 2011 Report Share Posted June 19, 2011 I've had exactly the same letter with a deadline date. Also followed up with a phone call from the relationship manager. Iam not too sure what to do about it incase I get lead into something I might regret. Would appriciate some advice. Maz have you had any further communication since your deadline date has passed. D Link to comment Share on other sites More sharing options...
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