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  • Mortgages & Finance

    MX redemption

    I have a mortgage with the term expiring in 2017 with MX. I have read somewhere that they can force redemption on all mortgages with them if one is redeemed which does concern me. I have never missed any payments and there is plenty of equity in all other properties with them. I haven't contacted them about this as I am concerned it will force a review. I have the cash to pay off the mortgage when it expires next year and would be interested to hear if anyone has experience in this situation.
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    Hi Paul,

    Sorry for the delay in responding to this.

    Mortgage Express cannot force redemption on all your mortgages.  However, they do have "Right to Consolidate" which means if you sold one property with an MX mortgage, they could use any excess equity from the sale to pay down debt on your other MX mortgages to reduce the LTV.

    When the loan expires, just pay it off with cash.  There's nothing they can do, so you can stop worrying. Smile

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    Thanks very much Vanessa, though that does contradict a reply from Lisa Orme on another thread unless I misundertood it. 

    Lisa had replied "There's no hard and fast rules I'm afraid; they look at each case individually.
    "

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    Okay, Paul, I will ask Lisa to comment as she is the Oracle on MX!! Smile

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    I took the plunge and phoned my relationship manager at MX.  Bottom line was as Lisa stated that they consider each case indvidually but base it on if there are missed payments, arrears, high LTV or if they have been forced to pay ground rent etc on behalf of mortgage holder. In my case they confirmed verbally there was no problem and they would not enforce the right to consolidate.

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