Over 80% of all UK mortgages have been sold under Mortgage Securitisation.
This means there is a strong possibility that yours is one of them.
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What is a Mortgage Securitisation Claim?
We have partnered with Legal Quest PLC, who believe Mortgage Securitisation Claims are the next big thing, affecting millions of UK homeowners and buy to let landlords whose mortgages may have been sold on to third parties.
A successful claim may result in your existing mortgage balance being cleared and the charge on the property released. In the event of a successful win, you would owe Legal Quest PLC 20% plus VAT of the benefit. You can learn more about this in the fees section.
How does securitisation work?
Most people are unaware that when they signed to agree to their terms and conditions, they granted their lender a Power of Attorney and the rights to sell their mortgage on to investors.
Some Months Later...
After several months of regular repayments, the lender adds the mortgage to a securitisation portfolio. This is then sold on to third party investors.
After the Sale...
Once the securitisation portfolio is sold, the lender uses the money they receive to write off the outstanding mortgage balance from their balance sheet.
What Happens Next...
The borrower remains completely unaware that this has taken place. The lender continues to collect the monthly repayments, simply acting as a collection agent for the investors.
What does this mean...
When the borrower took out their mortgage, the lender will have registered a charge on the property at HM Land Registry. This charge remains in full force until the borrower has repaid what they owe. When the mortgage is securitised, the lender is paid in full, meaning that there is no longer any money owed to them and the charge is no longer enforceable.
Was my mortgage securitised?
According to the Bank of England Statistics and the Council of Mortgage Lenders, over 80% of all UK mortgages have been sold under Mortgage Securitisation. This means there is a strong possibility that yours is one of them.
Despite this, we cannot say for sure that your mortgage has been securitised. As a homeowner, you would still continue to pay your original lender, unaware that your mortgage had been sold.
To find out if your mortgage has been sold, Legal Quest PLC must first conduct a Legal Review of the documents held by your lender, in relation to your mortgage. This is done by submitting a Data Subject Access Request. Following Legal Quest PLC’s review, you will be issued with a Legal Opinion, advising whether your mortgage has been securitised.
How long does the process take?
The Validation Process
The Validation Process usually takes around 3 - 4 months to complete. During this time Legal Quest PLC will communicate with your lender to request specific information required to identify if they have sold your mortgage.
The Dispute Process
If Legal Quest PLC determine that your mortgage has been securitised, you will be invited to join a group class action against your lender. This is the Dispute Process, which is expected to take up to 18 months before a settlement is achieved.
Is there a cost?
To sign up for the Validation Process you are required to pay an upfront fee of £260 inc VAT. This fee includes the cost of submitting a Data Subject Access Request, a Legal Review of the documentation received (usually between 300 – 600 pages) and a Legal Opinion based on the results.
In the event that you receive a Negative Legal Opinion, meaning that your mortgage has not been sold, you can take advantage of the Money Back Guarantee. Simply fill in the claim form and you will receive a refund of the upfront fee paid, less the £56.40 cost of disbursements.
If sufficient evidence is found that your mortgage has been securitised, then you will be invited to join the Class Action. The Dispute Process works on a No Win No Fee Basis, for the amount of 20% plus VAT of the outstanding mortgage balance, in the event of a successful win.
About Legal Quest
Legal Quest PLC are a specialist financial services company who have been researching Mortgage Securitisation for over a decade. Their founders have over 150 years collective experience within the legal and insurance professions.
Legal Quest PLC aim to educate and inform the general public of the errors within the banking sector in relation to Mortgage Securitisation, while delivering comprehensive information about Mortgage Securitisation Claims, in order to allow UK mortgage holders to make an informed decision on whether to investigate the validity of their mortgage.
Special Offer: Use Promo Code
FOR00 for £10 off at Sign Up
Doing The Right Thing
Forces Investments' philosophy is to always do what is right for the client 100% of the time and this is exactly why we ask you, before taking the Mortgage Challenge, to speak to us first. This is to ensure this is right for you and your personal circumstances, VERY IMPORTANT!