Warning issued to UK households over 'growing' mortgage conspiracy theory
A warning has been issued as YouTube videos tell homeowners they aren't bound by mortgages. The FCA has sounded alarm over growing conspiracy theory that uses arguments dating back to Magna Carta.
'We're aware of mortgage holders in financial difficulty who are being misled by this online misinformation, often with serious financial consequences,' the FCA says.
The 'freemen on the land' movement – sometimes written as 'FOTL' or just 'freemen' – claims individuals are only bound only by the contracts and laws they consent to, often using arguments dating back to Magna Carta.
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The FCA says that some borrowers have paid individuals a fee to take their claims to court to avert their home being repossessed. However it says: 'None of these claims have succeeded as they're not legally valid.
'Other people have ended up losing not just their homes but also a large chunk of their equity.' Shelter has a round up of what it calls a 'growing trend of conspiracy theory litigants'.
Greg Sachrajda, the head of department in the FCA's retail banking directorate, says: 'If you borrow money, you're required to repay it, and you only make the situation worse by trying to rely on false arguments which the courts are rejecting.
'We've seen examples of people not only losing their home but also then getting less back from the proceeds of the sale of the home.'
Thurrock council warns 'rights claimed under common law, are not the same as laws relating to council tax'. It says: 'You don't have a 'choice' as to whether you are liable for council tax.'
A spokesperson for the lenders' trade body UK Finance says: 'It's always worth seeking independent legal advice before acting on information you find online as understanding your legal position fully will help protect you from costly mistakes.'
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