From This is Money:
Why are they doing this and is it a good idea to leave? BL, London
Simon Lambert, mortgages writer at This is Money, replies: Mortgage Express was the buy-to-let lending arm of Bradford & Bingley, the stricken bank which had to be nationalised last year.
As part of this process its savings book was sold off and its mortgage book was taken on by the taxpayer, with the bank stopping new lending.
This move appears to be part of a strategy to decrease the former Bradford & Bingley and Mortgage Express mortgages book. By waiving early repayment charges, typically 1% or 2% of the loan, Mortgage Express hopes borrowers will go elsewhere before their initial deal periods end.
Borrowers must therefore decide whether they can get a better buy-to-let mortgage elsewhere and it is worth moving.
But many may find that it is not worth moving. Anyone on a tracker rate will have seen their payments fall dramatically, as the Bank of England has slashed the bank rate down to 1….