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  • Mortgages & Finance

    Mortgage Express - mortgages discharged?

    Hi all I have 15 mortgages with MX

    I have a question for the legal eagles out there.

    The mortgage contracts have nearly 2 pages of how they will smite me from high if I miss a payment and woe betide me if I miss 2 they will immediately smash me to smithereens and then burn whats left.

    However there is no CONTENT in the contract  regarding what happens if MX run into difficulty.

    You will note I have highlighted the word CONTENT.

    It is known to any first year law student that you can discharge a contract if there is a CONTENT change to the contract.

    My question is; is MX becoming insolvent a Content change worthy of the contract being discharged.

    You could also argue Negligence.

    However please note even if the contracts were discharged the obligation to pay  still existed so I still paid.

    But UKAR aka (Northern Rock) who took over the collections of MX's mortgage book decided to sell these mortgages on in 2017.

    Absolutely fine if you have a contract but not so fine if the contracts were discharged and no new contracts had been entered into.

    I'm happy to discuss this with anyone who "gets it" ...

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    J Harris

    Have 8 with M X that were taken over by rosenca not sure if this was/is a legit company ?
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    Rosinca is a "legit" company however they currently do not offer any mortgage products and they also have inherited the "right to consolidate".

    Until I know otherwise, I am treating Rosinca with the same wariness as MX and I am currently in the process of remortgaging one of our properties away from them as rates as so competitive at the moment, and I was on their SVR.

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    Thanks for the clarification Vanessa, I have mine all fixed @ .09 above base so no sweat at mo !
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    What we have to realise is the Banksters are the ones in charge of everything and we have to do as we are told. The poster of this thread rightly points out that if us ordinary citizens run into financial difficulty we very quickly have our homes taken away from us but when the Banksters get into financial trouble they seem to be immune from any consequences and either get bailed out by us citizens or at the very least the mortgage book seems to quietly pass in the middle of the night to another member of this privileged club and it’s a case of rinse and repeat.
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    What we have to realise is the Banksters are the ones in charge of everything and we have to do as we are told.

    No, you have an option to NOT borrow their money. They didn't place a gun to anyone's head and force people to invest in leveraged Buy to Let. Borrower's motivation is exactly  the same as the Bank's motivation - PROFIT.

    Nothing wrong with chasing Profit whatsoever, but don't moan that lenders are doing the same.
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    Borrowers motivation in the majority of cases of house buying is to provide a stable home for your own family to live in in not to make a profit . There are far more of those borrowers than profit seeking BTL Landlords . The Banksters have both groups in their pockets .
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    We're on a thread about Mortgage Express who didn't lend to owner occupiers.

    I clearly mentioned buy to let in my reply.

    I clearly mentioned profit in my reply.

    It should have been glaringly obvious to you that your reply isn't relevant to what I was saying.
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    Couldn’t have put it better ! I wish daddy had sent me to Eton ! Smile
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    Hi all


    Any takers on an answer to the question


    My question is; is MX becoming insolvent a Content change worthy of the contract being discharged?



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    J Harris

    There was a thread on one of the other forums yesterday about yet another 'incarnation' of MX, not sure whether you saw it?  It went as follows:-

    "Has anyone heard of Rosolite Mortgages? I got a letter today stating Mortgage Express/ Bradford & Bingley has been sold to Rosolite Mortgages and the completed transfer date is 15th July 2019.

    What benefit is this or is this going to mean increases of SVR etc?"

    The following link was given:-

    https://www.bbg.co.uk/homeowners/transfer-rosolite

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    All comments are made in good faith and are given to the best of my knowledge and experience but I would advise you to consult an expert before making important decisions and I accept no liability for comments made.