Does Mortgage Express still offer equity release?

Equity release can be confusing, and keeping up with the constant market changes can be a challenge.

We are here to help.

Our equity release experts continuously scan market-related news and provider information to make sure we bring you the most current and accurate information.

Is Mortgage Express still operational, and does it offer equity release?

More information:

NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss 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.

What Is Equity Release?

An equity release mortgage can be described as a financial arrangement where the homeowner takes out a loan against the value of their property, with interest accruing over time.

This loan, along with the accumulated interest, is repaid to the lender when the homeowner either passes away or moves into long-term care, ensuring that the debt is settled without requiring regular payments during the homeowner's lifetime.

Who Is Mortgage Express?

Mortgage Express was founded in 1986 and was a subsidiary of the Bradford and Bingley Bank.¹

Mortgage Express was Bradford and Bingley's specialist lending division but its portfolio of lifetime mortgages was sold to, and subsequently transferred to, Pure Retirement Limited in 2020.² 

Although Mortgage Express is now closed to new business, it continues to service its existing clients.

Does Mortgage Express Have an Equity Release or Lifetime Mortgage Calculator?

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

If you are wondering approximately how much you can release from your home, why not try our equity release calculator below?

Learn More: Equity Release Calculators

How Did We Review the Information On Mortgage Express?

We reviewed Mortgage Express based on the following:

• Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
• Financial Strength – Ensuring it is going strong and has adequate funds to meet long-term commitments.
• Product Range – We favour companies offering a variety of equity release schemes with greater product flexibility.
• Interest Rates and Fees – We review competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
• Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
• Code of Conduct and Compliance – We only consider companies that adhere to recognised industry standards and codes.
• Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
• Innovation and Technology – Is there a streamlined, digital application process?
• Client Testimonials – Success stories and the complaints resolution process.

This is an unaffiliated, independent review of Mortgage Express.

What Are The Pros and Cons of Mortgage Express

The pros of Mortgage Express include that it continues to help it's clients with their lifetime mortgages.

The cons of Mortgage Express include that it is not able to take on new business or authorise additional lending for existing clients.

More information:

Mortgage Express Advantages

The pros of Mortgage Express are:

• It is a division of Bradford and Bingley.
• It is authorised and regulated in the UK by the Financial Conduct Authority (FCA).

Mortgage Express Cons

The cons of Mortgage Express are:

• It is no longer taking on new clients.
• It will not allow additional lending on existing plans.
• It does not offer any additional products.

Mortgage Express Complaints

If you are dissatisfied with Mortgage Express and want to make a complaint, you can do so telephonically or in writing.

For your convenience, here are the relevant contact details:

• Telephone: 0330 159 2590
• Address: Bradford & Bingley / Mortgage Express, PO BOX 117, Skipton, BD23 9FG.

You can also contact the company by email or phone to voice your concerns.

Mortgage Express's Equity Release Interest Rates

Mortgage Express's equity release interest rates are entirely dependent on the type of scheme you took out with them originally.

In general, equity release interest can be available from as low as 5.97% to 6.28%*.

If you like to view the most current equity release rates, they are available here.

Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare the equity release rates!

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

What Are Mortgage Express's Fees?

Mortgage Express's fees only apply to it's existing clients and include an annual management fee.

Learn More About Mortgage Express

Although Mortgage Express is now part of Bradford & Bingley, it continues to serve it's existing customers.

Mortgage Express used to be a specialised mortgage provider that worked with the UK’s four major banks.

Above all, the company was created to help borrowers who did not meet the lending conditions of other providers.

The majority of the company's customers were self-employed or had negative equity.

Increased loan rates made the 1990s particularly tough for Mortgage Express.

The company was under pressure as the property slump hit because of it's high-risk portfolio and lack of competitive rates.

The firm was eventually sold to Bradford and Bingley by Lloyds TSB.

Self-certification mortgages and buy-to-let mortgages were highly popular as the firm grew into a specialised source of speciality lending.

Although Mortgage Express no longer takes on new clients, it continues to assist and service its existing clients with their mortgages.

FCA Details

Trading Names

Mortgage Express

FCA Permitted Services

Mortgage and home finance

Registration Numbers

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

Regulators

• Financial Conduct Authority (FCA)³

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

Conclusion

It is no longer possible to take out a new equity release plan with Mortgage Express.

Although it was a specialist lending division of Bradford & Bingley and still services it's existing customers, it is no longer taking on new customers or issuing new mortgages.

Mortgage Express equity release may not be an option for you, but there are plenty of other avenues and providers to consider.

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.