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Third party payments for mortgages - what are your obligations?

Third party payments for mortgages - what are your obligations?

A significant Court of Appeal case, won by Optima Legal, has given lenders a clearer sense of their position when accepting mortgage payments from third parties.

As pressure mounts on personal finances, it may not come as a shock that banks and building societies receive many thousands of mortgage payments every day from someone other than the contracted borrower.

Third party payments, however, are not always simply a case of a white knight helping out an indebted borrower.

 

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