Banks have already been forced to pay out billions in compensation for mis-selling payment protection insurance (PPI), proven in the court of law. We believe mortgage lenders could now face a similar situation in regards to mortgage securitisation*.
This could affect millions of UK homeowners and buy to let landlords where it would appear that 80 % of UK borrowers may have had their mortgage sold, transferred or assigned to somewhere else without them being aware that this is happening.
Do you know that there is an eighty percent* chance that your mortgage was sold, transferred or assigned to a third party without your consent under the process called ‘Mortgage Securitisation’.
If your mortgage has been securitised i.e. sold to a third party without your consent, there is a possibility that your mortgage lender may have already been paid in full. If the bank/lender has been paid in full, how can they retain both the Legal and Equitable Title to your mortgage? We believe that this cannot be the case.
As a homeowner, you still continue to pay your mortgage month on month. Therefore if your mortgage has been securitised, your mortgage may not be with the lender who you are continuing to pay. When it was transferred the terms and conditions may have changed without your knowledge and that could be significant if the new lender decides to change your Terms and Conditions.
The banks have already been questioned on unjust practices and forced to pay billions in compensation for mis-selling Payment Protection Insurance (PPI). They now face a comparable position with mortgage securitisation and its impact on the borrower.
If your mortgage has been securitised and the lender has been paid in full, in tern the bank/lender does not have the legal and equitable right to hold a valid charge on your property. You are then entitled to either have the charge removed or receive an indirect benefit equal to any mortgage outstanding at the time of settlement.
Knowing this, how can you still owe them any money?
In theory, you may technically owe it to someone of whom you have no knowledge, but that is for that third party to prove.
Please note that any ‘benefit’ may be subject to a ‘NO WIN-NO FEE’ reduction as part of the settlement agreement if you instruct professional advisors on a conditional fee.
To find out if your lender may have created a situation where you could have a significant financial benefit if they sold, assigned or transferred your mortgage and you successfully ‘WIN’ your case, please Apply Now or call us on 0330 043 9896 so that we may guide you through this complicated and confusing process all the way, leading up to a potential cause of action and a successful settlement.
Mortgage Securitisation* (Please Note: Any potential benefit will only be available if it is proven that your case is valid. It is to be noted that this type of case is yet to be proven in Court. You are advised to carefully consider the terms and conditions of this challenge before entering an agreement with Clear Your Mortgage)
Eighty Percent* Data indicated and provided by the Bank Of England, Council of Mortgage Lender statistics and the securities market sources.