Updated
Updated · Bloomberg · Jun 19
MFS Linked to Unregistered £300 Million Mortgages, Clouding Lenders' Claims
Updated
Updated · Bloomberg · Jun 19

MFS Linked to Unregistered £300 Million Mortgages, Clouding Lenders' Claims

3 articles · Updated · Bloomberg · Jun 19

Summary

  • Court filings show a £300 million mortgage portfolio tied to collapsed lender Market Financial Solutions appears never to have been entered in public property records.
  • Twinwin Ltd., part of the wider MFS network, held the portfolio but did not seem to register the loans, according to documents filed Thursday in a petition to liquidate the company.
  • Registration is generally needed to protect a lender’s interest in a property and set priority against competing claims, leaving creditors facing a harder fight over the underlying assets.

Insights

As MFS collapses, what protects homeowners whose mortgages were never legally registered?
How did major banks miss a basic flaw that fueled a £1.3 billion property fraud?