Mortgage Write Off Service

BCopyright © Prince Wealth Limited. All rights reserved.

Disclaimer
Prince Wealth Limited is a marketing agent for developers and other third party investment providers and whilst we endeavour to ensure the accuracy of information contained on our website, including figures and forecasts at the time of publication, Prince Wealth Limited does not guarantee or take responsibility for their accuracy.  Prince Wealth Limited cannot offer financial advice and is not authorised by the Financial Conduct Authority to do so.  Please be aware, that purchases of overseas properties and other overseas investments are not regulated by the Financial Conduct Authority.   All investors should seek relevant advice in relation to their personal circumstances before proceeding. Prince Wealth Limited acts as a promoter and/or introducer for third parties.  Authorisation from the Financial Conduct Authority is required for any advice on SIPPs.  Prince Wealth Limited recommend you seek independent pension advise from FCA authorised pensions advisers.  Please refer to the FCA website www.fca.org.uk  for this purpose.  Quoted figures are not guaranteed and are dependent upon investment performance.  Past performance is not a guarantee of future performance.  

The vast majority of people who read this page will start from a position of either not

believing this is possible or that what they are about to read cannot surely relate to their

own mortgage(s). They would be wrong!

Banks have been perpetrating fraud against their clients for years and years but they are so

ingrained in the fabric of people’s lives people simply don’t seem to comprehend it.

So let’s start this section with a reminder of some of the things banks and insurance

companies have got up to:

  • The UK “BIG SIX” are estimated to have had to put aside circa £50 billion to repay clients defrauded by them over PPI.
  • US Banks, since the financial crash of 2008 have been fined a staggering $243 billion according to one report. Most of these fines have been assessed for misleading investors about the underlying quality of the mortgages they packaged into bonds during the housing bubble, manipulation of currency and interest rate markets.
  • The Prudential Assurance Company Limited - £23.8m fine for mis-selling and the unfair treatment of customers on the pension sector.
  • Standard Life Assurance - £30.7m fine related to the unfair treatment of customers in the Life Insurance sector.
  • Bank of Scotland - £45.5m fine relating to failing to be open and cooperative in the retail banking sector.


This is LITERALLY the tip of the iceberg! There are many more horror stories and fines than just these listed but our website is not big enough to list them all!!

So, as you read on, make sure you understand that many banks commit fraud or, at the very least, undertake a range of very bad practices! Sometimes they get found out and sometimes they don’t.

In the case of setting up mortgages illegally in the UK they have NOW been found out! Who says so? The UK Supreme Court!

If this is the case, how come you did not know about it you ask. Simple, how many of the fines above did you hear about? Probably only the PPI one we would wager….so just because you have not heard about this, do not think it is not real. It is.

Why is it now possible for EVERYONE with a residential, commercial or Buy-to-Let Mortgage to ask to have it written off at the Land Registry? Quite simply because the mortgage lenders and conveyancing solicitors all follow the rules laid out in the Council of Mortgage Lenders (CML) Handbook and it has now been identified as incorrect in law. In fact, it is so wrong that it is illegal. Basically there are a number of incorrect actions the CML Handbook stipulate that are simply not legally correct and thus any mortgage set up on those guidelines are not legally compliant. In fact they are known as “void ab initio” aka “void from the beginning”. In other words, these mortgages are not legal documents as they do not comply with UK law. If they are not legal they cannot be enforced!

The legal reasons behind this are, as you might imagine, hard to explain to the layman however can be summarised across the following points:


  1. The Power of Attorney Clause is unfair and not set up as a Standalone Deed.
  2. The Mortgage Contracts used breach contract and property law.
  3. You were not the legal owner of the property you signed a mortgage deed against at the point when you did so i.e. you had no right to sign that document.
  4. …and the list goes on.


We will introduce you to the specialists in this field who will educate you about the various breaches in your mortgage contracts and guide you on how to prepare and then lodge your write off application with the Land Registry. Once the Land Registry accept the application, the mortgage is “written off” by the Land Registry. Once this happens the mortgage company now has formal legal confirmation that their contract (Mortgage) with you is not legal and thus has no basis or power in law. In effect, you have eliminated your mortgage and any relationship with that mortgage company. They cannot then re-impose a new mortgage on you as they have no right in law to do so.

You can then ask the Land Registry to compensate you for ALL the monthly payments and fees you ever paid towards this mortgage as you should not have been required to ever pay them. In addition, you can charge the Land Registry interest on all that lost money as this is money you could have been earning from through all the years you had the illegal mortgage.

As you might imagine, the legal argument within this process is highly complex and so MUST be submitted correctly to qualify and trigger the Land Registry to accept it and pay out. Our Specialist will educate you how to do this.

FINANCIAL EXAMPLE:

CURRENT REPAYMENT MORTGAGE STRIKE OFF AND INDEMNITY COMPENSATION APPLICATION

Mortgage Strike Off for Mr & Mrs Smith. The example illustrates the future mortgage payment savings. A total benefit of £175,200.
• Original mortgage balance £100,000
• Monthly repayment mortgage payments at 5% interest rate £584
• Payments made for 5 years
• Current mortgage balance £88,000
• Term remaining 20 years
• Total future payments saved following mortgage Strike Off (£584 x 240 months) = £140,160

Indemnity Application for Mr & Mrs Smith following their mortgage Strike Off.
• Mortgage balance struck off £88,000

• Monthly repayment mortgage payments were at 5% interest rate £584
• Payments made for 5 years
• Indemnity Compensation application (Payments made over 5 years) £35,040 + interest*
• The benefit of mortgage Strike Off for Mr & Mrs Smith = £140,160 of saved future mortgage payments + £35,040 Indemnity 

   Compensation application. A total benefit of £175,200.
• * Gross of Application Service Managers Fees. Interest may be available as well to the Indemnity Compensation application.

For those mortgages that are already “paid off” (i.e. all your previous mortgages) the “Write Off” process is not required as the mortgage already no longer exists HOWEVER you can still undertake the Indemnity (Compensation) request against the Land Registry because you should not have had to pay the mortgage in the first place.

If you would like to know more about this opportunity, simply click on the link below and complete the quick enquiry form or email us at enquiries@princewealth.co.uk and we will be in touch.