Things you need to know

Mortgage Express and public ownership - information for customers

Following the decision to take the mortgage assets of Bradford & Bingley Group into public ownership, Mortgage Express is currently closed to all new business. We will not accept new applications for mortgages, re-mortgages or further advances, and re-offers will no longer be made. From this point on, we may not necessarily be able to offer our customers a competitive new deal when they come to the end of their existing product term.

All mortgage offers that have been issued will be honoured, in line with the terms outlined in the specific conditions of each offer.

Therefore, if you are an existing customer moving home, looking for a new deal or require additional funds, you should call us on 08457 248 248 or speak to your financial adviser.

(Calls may be monitored or recorded. 0870 and 0845 numbers are charged at a higher rate than local and national calls and will vary between different providers. Check with your provider)

Customer Q&As

Here are the most commonly asked questions about these changes and how they affect you. We hope that this information will answer most of your queries, but if you have any particular issues, please contact us on 08457 248 248.

Q. Why has Bradford & Bingley got into such financial difficulties?

A. Bradford & Bingley has been experiencing problems in the face of the global financial crisis, meaning it has faced increasing difficulties raising enough money to carry on its business.

Q. What has happened to my mortgage with Mortgage Express?

A. Your mortgage remains in place on the terms agreed with us. You continue to owe the same amounts to us under your mortgage as you did before, so you should continue to make payments to us in the usual way.

Q. Will my mortgage rate be increased now the business no longer needs to be competitive?

A. Your mortgage will continue on its current terms and conditions.

Q. I have a Lifetime Mortgage. Am I still covered by the no negative equity guarantee?

A. You are still fully covered by our "no negative equity" guarantee as set out in your terms and conditions.

Q. I have an outstanding mortgage offer from Mortgage Express. Is it still valid?

A. Mortgage Express will honour all mortgage offers it has issued in line with the terms outlined in the specific conditions of each offer. If you have already received a mortgage offer, you do not need to worry, as it remains valid for 6 months from the date it was first offered. You will be able to complete your house purchase and will owe Mortgage Express the relevant amount under the mortgage. You should put in place appropriate arrangements to make mortgage repayments to Mortgage Express, together with any other financial arrangement which may be relevant.

Q. I have completed an application for a mortgage from Mortgage Express but have not yet received a response. What should I do?

A. Mortgage Express is no longer offering new mortgages. If you have not received a response from Mortgage Express then it is likely that no mortgage offer has been made. Please call us on 08457 248 248 for confirmation of the status of your application.

If you have received a mortgage offer from Mortgage Express, then that offer will remain valid for 6 months only. If your mortgage has not completed within that 6 months, then the offer expires and Mortgage Express will not be able to make you a further offer.

Q. Will I get my fees back if you are unable to offer me a mortgage?

A. Yes. Mortgage arrangement and valuation fees will be refunded on applications that have been declined due to our change in lending policy.

Customers who requested a Homebuyer valuation report will not automatically get a refund as these reports can be re-used with another lender. However if you cannot get another mortgage and the property purchase falls through, we will consider a refund.

Any requests for a refund of the Homebuyer valuation report must be supported by a solicitors' letter confirming that the property purchase has fallen through because alternative finance could not be obtained.

Regarding solicitor's fees on the purchase of the property, there are certain instances in which we will consider a refund of these fees. However, since solicitors should not generally undertake any work before an offer is made, we will consider each request for a reimbursement of solicitor's fees on a case by case basis.

Q. Can I still use the Choices facility?

A. Yes, Choices is still available.

Q. How do these changes affect your approach to 'treating customers fairly'?

A. As a responsible lender, we remain fully committed to upholding the principles of 'treating customers fairly'.