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Mortgage Express

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Please help!!!

I have two properties in my name.


One was my personal property that I used to live in and now let,


the other a buy to let with joint owners,


both financed with Mortgage Express .



Mortgage Express were offering no penalties for early redemption when I spoke with them in early January


I decided to sell my personal "buy to let" property and reinvest the money.


Tuesday 20th November 2012 was the completion date for selling my personal property.


Three hours before I was due to complete I received an Email from my Solicitor with a letter attached from Mortgage Express sent to them on 24th September.


The Email said there was no balance to pay into my account and to refer to the letter.

This letter I had never seen before.

It was titled "Right to Consolidate".


The letter stated that Mortgage Express would not apply their "Right to Consolidate" but went on to say that they require all sale proceeds of the property to go to them

of which they would put reduce the balance of the mortgage of the second property that I joint own with three other people.


so three hours before completion that this nice lump sum that I thought was coming to me would be taken away.


Over the next two days I was seeking advice,

Emailing my Solicitor,

faxing Mortgage Express,

phoning them, which was very hard getting through to the right person,


but to no avail and then be told they were looking to reduce the loan to value on the other property.


they were applying their "Right to Consolidate" but in a roundabout way.


All the other examples I have read of this is where landlords etc are in arrears.


None of these accounts are in arrears and all have been managed impeccably.


I thought that the "Right to Consolidate" was only if there was an outstanding debt?


I mentioned this to Mortgage Express and they answered by saying the fact that the other property still has a mortgage

and they want to reduce the loan to value counts as an outstanding debt in their terms and conditions.


With four joint owners on the other property it is going to make things very tricky.


Are Mortgage within their rights of their terms and conditions to do this on an up to date account?


Can anyone please help???


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