If you are reading this article there is a good chance that you are among the 200 odd owners of Spanish property that took out a mortgage with Manchester Building Society, now part of Newscastle Building Society.
For years, Manchester Building Society (“MBS”) offered lifetime mortgage loans to owners of Spanish property. The facility allowed “asset rich, cash poor” property owners unlock their wealth by means of periodical drawdowns that typically, would only be repayable upon death of the borrower, within a maximum period of 12 months from the demise.
Unfortunately, MBS ran out of cash to pay property owners,…
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