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Mortgage Express demands £5m from me

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  • Mortgage Express demands £5m from me

    Hi all,

    I have around 40 mortgages with MX and around 200 properties in total. I bought the MX properties over the last 20 years and they are getting closer to expiration of the term.

    I have remortgaged all of the properties at some point and most of them are now in negative equity. If I tried to sell them to pay the mortgages off I would also be penalised for Capital Gains tax and MX would receive around £3.5m.

    I have suggested I pay the mortgages plus a lot extra every month to reduce the balance but I will still struggle to pay them off in the time frame given.

    They have 3 options:
    1 - Take posession, sell and lose lots of money
    2 - Take possession and place with an agent who will take fees etc and pay MX the remainder of the income
    3 - Leave the properties with me and allow me to run the business, paying them lots extra off the mortgages using all my properties.

    I cnnot remortgage with another lender because my credit rating was severely damaged in the downturn.

    Will they really take possession looking at the options?
    What else can I do?