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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" ...
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.
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**
Any takers on an answer to the question
My question is; is MX becoming insolvent a Content change worthy of the contract being discharged?
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:-
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.