Mortgage Express Right to Consolidate
General Discussion

RLA Member_308
RLA Member_308
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40 Posts
10 years ago
0
Anyone got any thoughts on this?
I have 30 odd mortgages with MX. Most are at 90% LTV (and improving). One of them however is at 50% LTV. I am aware that if I were to sell this 50% LTV property, that MX can invoke their 'right to consolidate' clause and require me to pump the profits back into the other 29 accounts.
However, I am also aware that MX are currently waving their early redemption penalties in order to get clients to re-mortgage. Am I able to simply move the mortgage to another lender (therefore invoking no profit at point of transfer)? Clearly this would have a negative effect on the portfolio LTV with MX (which they wouldn`t be happy about) but is that a viable option for me? Has anyone here done that?
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