Mortgage Express Equity Release And Lifetime Mortgage Review in 2024

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…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • Mortgage Express equity release is a financial product that allows homeowners over the age of 55 in the UK to access the value tied up in their property without having to sell.
  • Working through a mortgage express equity release involves borrowing against the value of your home and the loan, plus interest, is repaid when the home is sold, usually after you pass away or move into long-term care.
  • Advantages include access to tax-free cash, retention of your home, and no required monthly payments, while the disadvantages include a potential reduction in your estate value and possibly affecting your eligibility for state benefits.
  • It is considered safe for seniors as it is regulated by the Financial Conduct Authority (FCA), and providers are members of the equity release Council, which ensures certain protections.
  • You won't lose your home as long as you abide by the terms of the plan, like living in your property as your main residence and keeping it in good repair.

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:

    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 Is Mortgage Express?

    Mortgage Express was the specialised lending division of Bradford and Bingley, a bank formed in 2000 by the demutualisation of the Bradford & Bingley Building Society.1

    In 2008, during the credit crunch, the bank nationalised and split into two parts. 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 it's portfolio of lifetime mortgages to Pure Retirement Limited.3

    What Is An Equity Release Scheme?

    Equity release schemes in the UK serve as a financial tool for seniors to draw on their home's equity for cash.

    This facility enables tapping into the property's value, without resorting to selling.

    Its repayment scheme is notable; the loan and accrued interest are repaid after the home's sale, usually post the homeowner's death or transition to a care setting.

    What Is the Process for Mortgage Express Equity Release?

    The Mortgage Express Equity Release scheme is an approach that permits homeowners to unlock the equity tied up in their property.

    At its core, it's a type of loan that doesn't require repayments during the borrower's lifetime, but is repaid through the sale of the property when the borrower passes away or moves into long-term care.

    It offers a way for people to access their property’s value without having to move out, providing financial flexibility in later life.

    Obtaining equity release with Mortgage Express involves a two-step process.

    Firstly, you'll need to consult with a financial advisor who specializes in equity release to ensure it's the right option for you.

    This consultation includes a comprehensive assessment of your financial situation, objectives, and risks associated with equity release.

    If it's deemed appropriate for your situation, the next step involves a property valuation and legal process to secure the loan against your home.

    The process is designed to be smooth and straightforward, ensuring you can access to your home’s equity with peace of mind.

    Can Mortgage Express Be Considered?

    Mortgage Express is closed to new business and does not offer new mortgage deals or extend existing terms.4

    However, it focuses on helping current clients manage their existing mortgages. It does not sell any new products. 

    Does Mortgage Express Still Offer Any Services?

    Mortgage Express still offers management and administrative services to it's customers with existing equity release schemes.

    However, it is closed to new business and does not sell new mortgages or any new products. Nor does it extend existing deals.

    Does Mortgage Express Offer Equity Release or 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

    What Are Mortgage Express Interest Rates?

    The interest rate applicable to mortgages with Mortgage Express depends on the details of the scheme that was originally taken out. 

    Equity release interest rates start from 5.20% to 6.30% AER*.

    If you do not know what your current interest rate is, we recommend you contact Bradford and Bingley directly for help.

    *While we regularly review our rates, these may have changed since our last update.

    What Are Mortgage Express' Fees?

    If you have an existing lifetime mortgage with Mortgage Express, you will have to pay annual management fees.

    Does Mortgage Express Have An Equity Release Calculator?

    No, Mortgage Express does not have an equity release calculator.  

    If you are looking for an equity release calculator, why not try ours right here below for an approximation? 

    What Are The Advantages and Disadvantages of Mortgage Express

    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.

    More information:

    Mortgage Express Pros

    The pros of Mortgage Express are:

    • It is a division of Bradford and Bingley.
    • It is authorised and regulated in the UK by the FCA.

    Mortgage Express Cons

    The cons of Mortgage Express are:

    • It is closed to new business.
    • It does not extend existing mortgages.
    • It does not sell new products.

    How Did We Review the Information on Mortgage Express?

    Our experts compiled information on Mortgage Express by analysing the business, it's services, and it's current operational standing to bring you all the details you need in one place.

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

    Mortgage Express Customer Reviews

    Online review from customers:

    Mortgage Express Equity Release Complaints

    If you have a complaint about Mortgage Express, reach out via it's website or write to:

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

    An alternative option would be to use a review site like Trustpilot6 or Feefo7, to leave a review.

    Mortgage Express FCA Details

    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  

    Mortgage Express Contact Number and Address

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

    Common Questions

    What Is Mortgage Express Equity Release?

    How Does Mortgage Express Equity Release Work?

    What Are the Pros and Cons of Mortgage Express Equity Release?

    Is Mortgage Express Equity Release Safe for Seniors?

    Can I Lose My Home with Mortgage Express Equity Release?

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

    Who Owns Mortgage Express Equity Release?

    Where Can I Find Mortgage Express Equity Release Jobs?

    Does Mortgage Express Offer Equity Release?

    Is Mortgage Express Safe?

    In Conclusion

    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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