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Just returned home from a weekend away to find a letter waiting for me from UKAR/MX.It states that two of our MX mortgages have been sold to Rosinca Mortgages, trading as Topaz Finance Ltd.Yay!Have anyone else received letters saying their mortgages have been sold?SEE ALSO - *Industry exclusive* Mortgage Express respond to Property Tribes enquiries!UP NEXT - Strange letters from Mortgage ExpressDON'T MISS - UKAR Customers and Section 24NOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Not yet Vanessa,I have one mortgage with M/X and in correspondance with them as I need to find a replacment they keep reminding me,,thank you for the information!
Hi Mark,I have been reliably informed that MX will consider lengthening the term of the mortgage if it is coming to an end. If you need any assistance with this, contact Landlord Debt Advisory on 0161 222 4311 who have been working closely with MX on finding solutions for landlords who are struggling. They have developed a good relationship with MX and are having success in resolving issues on a "case by case" basis.Hope that helps?
Thank you Vanessa, did a quick search for Topaz but nothing clear, a mention of two new mortgages,,M/X have gave me until April to find a new mortgage and I will call the number you kindly provided.I have spent £30,000 on this property since purchase, managed to get 2 remortgages with Kensington last year, and its tuff, the regulations that the new governor of the bank of England has brought in have swung way to much the other way, seem to be a repeated story, but thank you for sharing!!
Yes, received the same letter, not yet decided if it’s good or bad news.
Yes I got one two
time will tell
Learn Change and Adapt ?????
I believe it to be good news.It means a property can be sold and the equity retained, without MX using it under their "right to consolidate" to pay down other MX mortgages.That is how I am viewing it anyway!
I have never had any problems with MX and did redeem a mortgage with them and they didn’t ask for the other mortgages to be redeemed.
"It means a property can be sold and the equity retained"
The company that bought it will have the same Terms & Conditions with you as MX had & could implement the same kind of policy of a "right to consolidate".
They also may not be as accomodating such as the LTV before requireing "right to consolidate"..
_________________________________________________________________________The above post is not financial advice, its often me rambling - passing time on a coffee break.If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance._________________________________________________________________________
I would imagine if a Company has purchased the Loan Book they must see a way of making money ??
So this maybe good news
They may wish to retain customers of long standing and give them more facilities
I will keep an open mind with this and wait to see what happens.
I got the same letter too yesterday. I think all our MX mortgages are included in the list, about twenty-odd.
They must have made money by selling the good ones :-)
I've also sold several MX mortgaged properties with no problems.
"It is the small decisions you and I make every day which shape our destinies." Anthony Robbins