Mortgage Express Equity Release: What to Know in 2024

Mortgage Express does not provide equity release solutions but focuses on offering tailored financial advice and flexible terms to fit your long-term goals. Their expertise in financial planning can illuminate alternative strategies that benefit your retirement planning.
  • Last Updated: 17 May 2024
  • Fact Checked Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui
Are You Considering Mortgage Express for Equity Release? Read on to Find Out if It Still Exists and If It Still Offers Any Services. Get the Answers Here...
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Key Takeaways
  • Mortgage Express no longer provides equity release products; look into alternatives like lifetime mortgages or home reversion plans from specialised providers.
  • Consider downsizing or personal loans as more suitable financial solutions than traditional equity release schemes, and for non-loan alternatives, explore government aid and grants for home improvements or financial support.
  • Most importantly, seek advice from a financial advisor to get clarity on all available options and align your decisions with your long-term financial goals.

Mortgage Express may be a familiar brand, but you may be wondering if it is still open for business.

When it comes to equity release, figuring out what is the best equity release company is vital, but it can also be hard if you do not have all the information.

In This Article, You Will Discover:

    Having researched leading plans, companies and schemes we are confident we have comprehensive knowledge of the equity release sector.

    About Mortgage Express:

    Who Offers the Lowest Rates in 2024?

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    Request a FREE call back & discover:

    • Who offers the LOWEST rates available on the market.
    • Who offers the HIGHEST release amount.
    • If you qualify for equity release.
    Mortgage Express Home Equity

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Mortgage Express. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Mortgage Express.

    Who Was Mortgage Express and What Was Its Role in Equity Release?

    Mortgage Express, once part of Bradford and Bingley, offered equity release schemes before ceasing new lending.

    Who Is Mortgage Express?

    Mortgage Express was the specialized lending division of Bradford and Bingley, a bank that was formed in 2000 following the demutualization of the Bradford & Bingley Building Society.1

    In 2008, during the credit crunch, the bank was nationalized and subsequently split into two entities. 2

    The mortgage book and investment portfolios remained with the now publicly owned Bradford and Bingley PLC.

    Then, in 2020, Bradford and Bingley sold and transferred its portfolio of lifetime mortgages to Pure Retirement Limited.3

    Bradford and Bingley’s Mortgage Express: A Historical Insight

    Mortgage Express was a key division under Bradford and Bingley, known for offering a diverse range of mortgage and equity release products to meet the varied needs of homeowners.

    The financial crisis of 2008 led to a significant turn of events for Bradford and Bingley, with the institution’s mortgage portfolio, including Mortgage Express, being nationalized. Subsequently, its management was transferred to UK Asset Resolution (UKAR).

    This transition marked a pivotal moment in the institution’s history, symbolizing the end of new lending under the Mortgage Express brand.

    Despite this, the legacy of Mortgage Express endures through the ongoing management of its existing mortgage and equity release products.

    The commitment to providing personalized financial solutions, which was a hallmark of Mortgage Express’s service, continues to be recognized.

    Today, the remaining portfolio of Mortgage Express is managed with a focus on supporting existing customers, rather than offering new products.

    This shift reflects both the changing dynamics of the financial industry and the lasting impact of Mortgage Express’s approach to customer service and innovation.

    How Has the Equity Release Process Evolved Over Time?

    The equity release market has grown, with more flexible options and stronger consumer protections emerging.

    Overview of Past Mortgage Express Equity Release Schemes

    Historically, equity release schemes in the UK, including those once potentially offered by Mortgage Express, provided seniors with a financial strategy to access the equity in their homes without the need to sell.

    These schemes would enable homeowners to leverage the value of their property, with the repayment deferred until the home was sold. This event typically occurred following the homeowner’s death or transition to a care facility.

    It is crucial to underscore, however, that Mortgage Express no longer provides equity release or lifetime mortgages.

    This reflects their current product offerings and aligns with the financial services available to consumers today.

    A General Overview of the Equity Release Process

    Equity release schemes offer a way for homeowners to unlock the equity tied up in their property, providing financial flexibility in later life.

    While Mortgage Express previously offered products in this category, it’s important to note they no longer offer new equity release or lifetime mortgage products.

    However, the general process for obtaining equity release can be outlined for informational purposes:

    Initial Consultation with a Financial Advisor:

    The first step for homeowners interested in equity release is to consult with a financial advisor who specializes in this area. This consultation is crucial for understanding whether equity release is a suitable option based on your financial situation, goals, and the potential risks involved.

    Assessment and Advice:

    During the consultation, the financial advisor will conduct a comprehensive assessment of your financial circumstances and discuss your objectives. This step is vital to ensure that you are fully informed about the benefits and implications of proceeding with equity release.

    Property Valuation and Legal Steps:

    If equity release is considered appropriate, the next phase involves the valuation of your property. This step is followed by the necessary legal processes to secure the loan against your home. The aim is to ensure that all legalities are correctly addressed, providing you with peace of mind.

    Loan Repayment:

    Equity release loans typically do not require repayments during the homeowner’s lifetime. Instead, the loan, along with any accrued interest, is repaid through the sale of the property. This usually occurs when the borrower either passes away or moves into long-term care.

    This general overview provides insight into the typical process involved in equity release, emphasizing the importance of professional advice and careful consideration of all aspects before proceeding.

    What Are the Alternatives to Mortgage Express for Equity Release Today?

    Today, alternatives include lifetime mortgages and home reversion plans from specialized providers.

    Exploring Alternatives to Mortgage Express for Equity Release

    While Mortgage Express is no longer open to new business and does not offer new mortgage deals or products, including equity release, it remains dedicated to assisting current clients with the management of their existing mortgages.

    This commitment to existing customers ensures that those with ongoing agreements receive the support and guidance needed to navigate their financial options effectively.

    For Existing Mortgage Express Customers:

    • Management of Existing Mortgages: Current clients of Mortgage Express can expect continued support in managing their existing mortgage arrangements. The focus is on providing solutions and advice to help these customers maintain their financial stability and meet their mortgage obligations.

    For Those Considering Equity Release:

    • Seeking Alternatives: Since Mortgage Express does not offer new equity release products, individuals interested in exploring equity release as a financial option will need to consider alternative providers. It’s essential to:
      • Consult a Financial Advisor: An advisor specializing in equity release can offer personalized advice and help you explore the wide range of products available in the market.
      • Research Regulated Providers: Ensure any chosen provider is regulated by the Financial Conduct Authority (FCA) and, ideally, a member of the Equity Release Council. This ensures adherence to industry standards and protections.

    Comparing Equity Release Interest Rates in Today’s Market

    While Mortgage Express previously offered competitive interest rates for their equity release schemes, closely aligning with or even being more favorable than other providers, they are not currently issuing new equity release products.

    For those who have existing agreements with Mortgage Express, their rates were designed to balance homeowner value and financial sustainability.

    For individuals considering equity release today, it’s important to:

    • Compare Current Market Rates: Research and compare interest rates from various equity release providers. The market has a range of options, with rates that can vary significantly between providers.
    • Consider Long-Term Impact: When evaluating different equity release options, consider the long-term impact on your estate and how much equity you wish to release. Interest rates will influence the total amount you owe over time.
    • Seek Professional Advice: Consult with a financial adviser specializing in equity release. An adviser can help you navigate the current market, comparing rates and terms to find the most suitable option for your financial situation and goals.
    • Regulatory Protections: Ensure any provider you consider is regulated by the Financial Conduct Authority (FCA) and is a member of the Equity Release Council, which offers added protections like the no-negative-equity guarantee.

    What Do You Need to Know About Equity Release Advisers and Mortgage Express?

    Equity release advisers play a crucial role in navigating past Mortgage Express products and current options.

    The Role of Equity Release Advisers with Mortgage Express Products

    • Informed Decision-Making: An equity release adviser in Bradford can provide invaluable insights and advice tailored to your specific financial situation and goals. Even though Mortgage Express has ceased offering new equity release products, understanding the terms of your existing agreement or exploring other options in the market is essential.
    • Understanding of Local Market Trends: Advisers with local expertise are particularly beneficial, as they have a deep understanding of the Bradford housing market. This knowledge can be crucial in assessing how your home’s value might influence your equity release options.
    • Navigating Complexities: Equity release schemes can be complex, with various factors to consider, including interest rates, repayment options, and potential impacts on your estate and eligibility for means-tested benefits. A skilled adviser can help navigate these complexities, ensuring that any decision made is well-informed and aligned with your long-term retirement planning.
    • Alternative Options: Since Mortgage Express no longer offers new equity release products, an adviser can also help you explore alternatives provided by other lenders that match your needs. They can compare the offerings of different equity release providers to find a solution that best suits your financial situation and retirement objectives.

    Does Mortgage Express Provide Equity Release and Lifetime Mortgages?

    No, Mortgage Express does not currently offer equity release.

    It used to offer lifetime mortgage equity release; however, now it only manages the equity release products of existing customers.5

    How Are Fees and Customer Feedback Managed in Equity Release Schemes?

    Fees structure and customer feedback are critical for ensuring transparency and satisfaction in equity release schemes.

    Fee Structure for Existing Mortgage Express Equity Release Products

    For customers with an existing lifetime mortgage through Mortgage Express, there are annual management fees to consider.

    These fees are part of the ongoing costs associated with maintaining your equity release plan.

    It’s important to review your mortgage agreement or contact Mortgage Express directly to understand the specific fees applicable to your account.

    Customer Feedback on Mortgage Express Equity Release

    Customers have shared their experiences with Mortgage Express’s equity release services on platforms like UK Trustpilot, providing valuable insights into the company’s performance and customer satisfaction.

    Online review from customers:

    Handling of Equity Release Complaints by Mortgage Express

    If you have a complaint about Mortgage Express’s equity release services, you can contact them directly through their website or by mail at:

    The Waterfront, Salts Mill Road, Shipley, West Yorkshire, BD17 7EZ, UK.

    Alternatively, leaving a review on platforms such as Trustpilot6 or Feefo7 is an option for voicing your experiences.

    Evaluating the Pros and Cons: Is Mortgage Express Right for Your Equity Release Needs?

    Assessing Mortgage Express involves weighing its historical offerings against current equity release solutions.

    Pros and Cons of Considering Mortgage Express for Equity Release

    The advantages of Mortgage Express include that it is available to assist current clients with existing lifetime mortgages.

    The disadvantages of Mortgage Express include that it does not extend existing deals or take on new business.

    Mortgage Express Pros

    • Support for Current Clients: Mortgage Express remains available to assist clients with existing lifetime mortgages, ensuring they receive ongoing support and service for their financial products.
    • Regulated Entity: As a division of Bradford and Bingley, Mortgage Express operates within the regulatory framework of the UK’s Financial Conduct Authority (FCA). This regulation ensures that it adheres to high standards of conduct and provides a degree of security and trust for its customers.

    Mortgage Express Cons

    • Closed to New Business: One significant limitation is that Mortgage Express no longer accepts new clients or issues new equity release products. This restricts options for individuals seeking new equity release solutions.
    • No Extension of Existing Mortgages: For those with existing mortgages through Mortgage Express, the inability to extend the terms of their mortgage or to renegotiate deals can be a drawback, limiting flexibility in managing their financial planning.
    • Lack of New Products: The absence of new financial products means that current customers cannot access any new offerings that might better suit their changing financial needs over time.

    How to Review Mortgage Express Equity Release Information and Calculate Your Options

    Reviewing Mortgage Express information and calculating options require understanding past schemes and current market conditions.

    Review Process for Mortgage Express Equity Release Information

    Our team of experts has thoroughly analyzed Mortgage Express’s business operations, services, and current standing.

    This independent review compiles essential details to offer a comprehensive overview, ensuring you have all the information you need about Mortgage Express’s equity release options in one place.

    NOTE: This article is an unaffiliated, third-party, independent review of Mortgage Express.  

    Looking for an Equity Release Calculator?

    While Mortgage Express does not offer an equity release calculator on their platform, these tools are invaluable for estimating the potential amount you could release from your home.

    An equity release calculator allows you to input various details about your property and personal circumstances to get an approximate figure for equity release.

    Try Our Equity Release Calculator

    If you’re exploring your options and need an estimate, our equity release calculator is a convenient tool to use.

    It provides an approximation of the equity you might be able to release, helping you to plan your finances more effectively.

    Find our calculator below and start planning for your future today.

    How Can Mortgage Express Customers Navigate Equity Release Now?

    Mortgage Express customers must explore current services and alternative equity release options available today.

    Current Services for Mortgage Express Customers

    Mortgage Express continues its operations by providing support and administrative services exclusively for its existing customers. Key aspects of their current offerings include:

    • Management of Existing Equity Release Schemes: Mortgage Express ensures ongoing support for customers who have previously taken out equity release schemes. This includes administrative assistance, addressing queries, and offering guidance on the terms of their agreements.
    • Administrative Services for Mortgage Accounts: The company is dedicated to the effective management of existing mortgage accounts. Services include handling mortgage payments, responding to customer inquiries, and managing any financial administration related to customers’ mortgages.

    Restrictions on Services:

    • No New Business or Products: Mortgage Express is not accepting new customers or offering new mortgages, equity release schemes, or any other new financial products.
    • No Extensions or New Deals for Existing Customers: Customers with current agreements cannot extend their mortgage terms or access new deals from Mortgage Express.

    Regulatory Details of Mortgage Express Equity Release

    The regulatory details of Mortgage Express equity release outline the compliance and standards adhered to by the company in the UK market.

    Trading Names

    Mortgage Express

    FCA Permitted Services

    Mortgage and home finance

    Regulators

    • Financial Conduct Authority (FCA)8 

    Registration Numbers

    • FCA Ref Number: 305572
    • Companies House Number: 02405490  

    Contacting Mortgage Express for Equity Release Queries

    For inquiries, you can reach Mortgage Express at:

    • +44 079 1913 8254
    • enquiries@bbg.co.uk
    • The Waterfront, Salts Mill Road, Shipley, West Yorkshire BD17 7EZ.

    Ownership and Impact on Equity Release Offerings

    Mortgage Express is managed by UK Asset Resolution, following the nationalization of Bradford and Bingley.

    This transition to government oversight aims to ensure stability and compliance in their service offerings, without compromising the quality or range of options available to customers.

    The backing by a government entity provides an additional layer of security and peace of mind for those engaging with Mortgage Express’s equity release plans.

    Common Questions

    What Exactly Is Mortgage Express Equity Release?

    How Does Equity Release Work With Mortgage Express?

    What Are the Benefits and Risks of Choosing Mortgage Express Equity Release?

    How Safe Is Mortgage Express Equity Release for Seniors?

    Is There a Risk of Losing My Home With Mortgage Express Equity Release?

    Is Mortgage Express Equity Release a Member of the Equity Release Council?

    Who Is the Owner of Mortgage Express Equity Release?

    Is Equity Release Available Through Mortgage Express?

    Is Mortgage Express Safe?

    Final Thoughts on Mortgage Express in the Equity Release Landscape

    Mortgage Express was the specialised lending division of Bradford and Bingley.

    In 2008, during the credit crunch, the bank nationalised and split into two parts. 

    The mortgage book and investment portfolios remained with the now publicly owned Bradford and Bingley Plc.

    In 2020, Bradford and Bingley sold and transferred a portfolio of lifetime mortgages to Pure Retirement Limited.

    Mortgage Express is now closed to new business and does not offer new mortgage deals or extend existing terms.

    It focuses on helping current clients manage their existing mortgages. 

    While it is not taking on new business, Mortgage Express continues to manage and administer all it’s equity release plans and customers.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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