Received a letter from Mortgage company asking how we intend to pay off our Interest Only Mortgage

kwas

thanks getmore4less. You are right, and we could get something for around 225K in our area. Having to do this twice is a fair comment. One of the relatives is 98 so god this sounds awful but we know what is in the will and yes we could get 'lucky' if you understand what i mean. To be fair this relative always told me not to worry as she would sort me out. But nothing is ever certain till its certain and I think these responses have given me a kick up the !!!! to sit down with husband and an advisor to make a proper plan. Thanks for taking the time to answer.

CarlScrivens

Anyone who previously took out a mortgage with Alliance and Leicester Building Society or Alliance and Leicester Plc took it on trust that their mortgages were transferred. This was an illegal act by the bank who said a mortgage was transferred. It could never be transferred. I will explain. If I borrowed £1 off any person right now and they pasted away soon after borrowing the money. Who would I pay back. Answer, no one. I can't pay anything that is dead. So this is the case when Alliance and Leicester disolved in 2008.Therefore people having been paying Santander for mortgages that don't exist.

Thrugelmir

CarlScrivens wrote: »

Anyone who previously took out a mortgage with Alliance and Leicester Building Society or Alliance and Leicester Plc took it on trust that their mortgages were transferred. This was an illegal act by the bank who said a mortgage was transferred. It could never be transferred. I will explain. If I borrowed £1 off any person right now and they pasted away soon after borrowing the money. Who would I pay back. Answer, no one. I can't pay anything that is dead. So this is the case when Alliance and Leicester disolved in 2008.Therefore people having been paying Santander for mortgages that don't exist.

Nothing illegal has taken place. Have a read of the mortgage terms and conditions you signed up to.

davidmcn

CarlScrivens wrote: »

If I borrowed £1 off any person right now and they passed away soon after borrowing the money. Who would I pay back

Their executors.

And this has nothing to do with the subject matter of this thread or the legality of Santander's acquisition of the Alliance & Leicester.

And in any event, the Alliance & Leicester hasn't dissolved, the company still exists.

foxy-stoat

CarlScrivens wrote: »

Anyone who previously took out a mortgage with Alliance and Leicester Building Society or Alliance and Leicester Plc took it on trust that their mortgages were transferred. This was an illegal act by the bank who said a mortgage was transferred. It could never be transferred. I will explain. If I borrowed £1 off any person right now and they pasted away soon after borrowing the money. Who would I pay back. Answer, no one. I can't pay anything that is dead. So this is the case when Alliance and Leicester disolved in 2008.Therefore people having been paying Santander for mortgages that don't exist.

Why post this in someone else's thread......start your own rant thread.

Jonathan_Kelvin

CarlScrivens wrote: »

Anyone who previously took out a mortgage with Alliance and Leicester Building Society or Alliance and Leicester Plc took it on trust that their mortgages were transferred. This was an illegal act by the bank who said a mortgage was transferred. It could never be transferred. I will explain. If I borrowed £1 off any person right now and they pasted away soon after borrowing the money. Who would I pay back. Answer, no one. I can't pay anything that is dead. So this is the case when Alliance and Leicester disolved in 2008.Therefore people having been paying Santander for mortgages that don't exist.

You would owe the estate of the person in your hypothetical example.

You are wrong that it is illegal, under U.K. law a person’s rights under a contract can be assigned to a third party which is what happens when a mortgage is sold or transferred.

Where are you getting your information from that it’s illegal?

penners324

You're carrying a lot of unsecured debt as well.
That certainly needs looking at.

The_Pennine_Way

There are lots of examples of lenders passing their book on to other lenders and the fact that the initial lender no longer exits, or provide mortgages, is irrelevant.