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  • Debt & Negative Equity

    Dealing with Mortgage Express when in arrears



    Welcome to Day 2 of "Landlord Debt Advisory" Week.  All this week, Property Tribes is delighted to present a raft of content which focusses on debt issues for landlords and how they can be resolved.

    The week is being undertaken in association with PT partner, Landlord Debt Advisory, and co-founders Tom Cardwell and Phil Davison will be joining me throughout the week to discuss the leading debt trends and issues facing landlords and the solutions available to resolve them.

    This is how the week is shaping up:

    MondayLaunch of week and a discussion about debt trends.

    Today -  Dealing with Mortgage Express when in arrears.

    Wednesday - Case study:  Commercial Landlord Robert Wilson talks about what happened when he experienced financial issues.

    Thursday -  Myths about landlord debt issues busted!

    Friday - Summary and discussion of landlord debt threats on the horizon.

    This week could be well timed as recent research has revealed that the number of BTL mortgages in arrears of 2.5 per cent or more of the outstanding balance rose five per cent just in the second quarter of 2019.

    Those facing more significant arrears increased 12 per cent in the year to mid-2019. and the number of BTL mortgaged properties taken into possession rose two per cent year on year. 

    For today's instalment, landlord and company co-founder Tom Cardwell joins me to discuss what happens for landlords with Mortgage Express (MX)/UKAR mortgages who go into arrears:


    Tune in all this week for "Landlord Debt Advisory" Week - join our conversations and get any of your landlord debt questions answered by Tom.

    Here is an example of what LDA can achieve for landlords in financial difficulty:

    Distressed landlord Case Settlement & Process 

    Landlord Debt Advisory is a commercial partner of Property Tribes and you can use the Landlord Debt Advisory website to find out more about landlord debt issues and how to resolve them.  In the footer below, there is an additional video about how LDA can assist with overseas properties in arrears within the EU.

    SEE ALSO  -         Mortgage Express getting tough

    UP NEXT -             Mortgage Express - forcing sale of properties

    DON'T MISS -        Escape from Mortgage Express!

    NOW WATCH:

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    All I can say if a Landlord is in arrears now with ME with rates as low as they are, God help them if rates rise !

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Indeed DL.  We will be dealing with landlord debt threats in Friday's instalment ... Smile

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    My ME mortgage has been 'sold' to Siberite Mortgages. Does anyone have any experience with them?

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    Hi Lou,

    ​As mentioned in the video, they are all brand names of Topaz Finance.  Topaz bought the debt and are not actual lenders of new money, just administrating the loans.

    If you keep up your monthly payments, maintain your property, and do not breach any T & C's, they will treat you just like any other lender would.

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    Tha Vanessa. I didn't have time to watch. but will do.

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    Thank you, really helpful Vanessa.

    I've still got a number of former MX mortgages now with Rosinica and Jasper some still under water. Not convined these will ever recover and don't want them to undermine the good ones which have taken years of hard work to build up and maintain!

    I've still got about 11 years to play with so maybe time to get a plan together?

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    I feel your pain

    I am in a similer  boat as you  I have 7 ME mortgages  with 7 years to go

    I am lucky I have made plans to re balance my own Business in around 5 years time

    But you and I show how BTL is not a one way street

    It doesn't always work in the way we thought it would

    The SE Bubble is very different from the rest of the UK

    I firmly believe Capital and Repayment should be used in areas out side the SE

    Paying down debt is not a bad thing It gains you larger equity and it allows for poor capital performance

    All my Company Mortgages are Capital and repayment an some of my own mortgages are too

    I just hope new Landlords take notice of what can happen to an investor

    This is the very reason why I don't think about capital growth in my BTL world.

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    Totally agree DL

    I have about 9 that I am still worried about but a similar number with former MX that have done well.

    On paper the yield is great (8-12%) and would like to get on repayment but as so often with BTL things are not what they seem! The reality of managing these type of properties frustrates with high maintenance costs knocking out any profits.

    Trying to build a war chest from the profitable side of my BTL business but would love to pick them off!

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    I have a war chest which is building  up over the next five years and at that point I have two options Pay down to 75% LTV and remortgage

    or I could sell to my Company

    all my properties are high yeiling thank goodness

    This is not the most pleasant situation But It has to be dealt with 

    I think the key thing is relise the problem Now and solve it futher   down the line at least we have some time ???

    I believe even SE landlords should heed our story The South too is going to have low growth if any in the coming years



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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.