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, all agreed instalments were halted due to a prohibition by its regulator, PRA, to grant further loans in Spain and elsewhere and left borrowers “high and dry”, still with a MBS mortgage registered against their property and thus, unable to sell it.
There is however a way out to free your property from this mortgage for good, and that solution is already available through Lawbird Legal Services. Last year, a Velez Malaga Court fully accepted executive proceedings brought by Lawbird Legal Services against MBS, on behalf of a British client, demanding full payment of the agreed loan of 300k Euro (with interest). This is in addition to the over 50 rulings won in many other courts against different equity release providers around Spain.
Now, more claims are being filed through the Courts to terminate the mortgage loans due to contractual default by MBS, on the following grounds:
- MBS have stopped making any further agreed payments.
- MBS have not given a solution to the property owners.
- MBS have not reviewed the existing mortgage loan proposal to adjust it to their inability to continue offering the promised cash.
- MBS will not address the current situation of owners that are unable to sell, offer a compromise or terminate the mortgage loan.
If you have a property and you have Manchester Building Society Lifetime Mortgage, you need to act now and take advantage of the existing favourables rulings to achieve the following:
a. Nullify the MBS mortgage loan.
b. Retain the sums received so far as compensation.
c. Remove the charge from the house.
If you are in the above situation and want to know how ERVA and their appointed lawyers can assist, call Anabel on + 34 952 86 18 90 or send her an email (info@erva.es) to schedule a free online or office meeting with the lawyers.
Dont wait any longer, acting now is better than doing it later or not doing it all, it will not cost you anything to know your options and legal rights!
