The purpose of this post is to publicise Lansdowne Mortgage Securities No. 1 p.l.c (LMSNo1)and Lansdowne Mortgage Securities No. 2 p.l.c. (LMSNo2)

For those who are not familiar with Mortgage Securitisation, what is being displayed here are prospectii issued on behalf of Start Mortgages for the sale of, in the case of  LSMNo1 2,550 Residential Irish Mortgages with a total value at the time of the issuance of the prospectus of €381,126,574.13 and in the case of LMSNo2 2,582 Residential Irish Mortgages with a total value at the time of the issuance of the prospectus of €440,923,218.00

It is important to note that this docuмent is in the public domain and is but a Prospectus, it is also, and maybe more important to note that LMSNo1 and LMSNo2 did in fact issue on the Irish Stock Market  18/04/2006 and 06/12/2006 respectively, this can be seen at

http://www.ise.ie/Debt-Securities/Individual-Debt-Securities-Data/?action=SEARCH&search_word=lansdowne

In order to find out if your mortgage was included in the tranche, go to the end of the prospectus where you will find page after page of detail relating to individual mortgages, there are no names, mortgage account numbers, addresses or other identifying detail provided but, if you have:

1) the date your mortgage originated,

2)the total amount drawdown,

3) the county your property is in,

4) the declared income provided on the loan docuмents,

5) Type of house

6) whether you self certified your income or where PAYE.

This is very specific information, if you locate a record where all your information matches up, you can be pretty sure that that record refers to your Mortgage Loan, please note, there are two pages which cover each record and they are numbered A1,A1,A2,A2, etc.. so you will need to view these pages side by side to see the entire record.

We believe that if you find your loan record included you should then place the responsibility back on Start Mortgages to prove that they did not, sell (securitise) your loan, remember! if they have, well then they have been paid in full, and in fact you now owe your loan payments to an unknown entity or possibly thousands of unknown entities.

If your Loan appears here, Start Mortgages are now simply operating as a “servicer” to your loan, and pass on your monthly payment to unknown third parties withholding a “handlers fee” for providing the service.

In the strictest sense of the word, the unknown third party does not have a contract with you and Start Mortgage’s have possibly breached their contract with you by satisfying/recovering the consideration they provided as part of their contractual responsibility.

Their are many views on the legalities of this situation but at the very least there are issues of unjust enrichment and lack of full disclosure on the part of Start Mortgages regardless of the small print in the loan agreement and the lack of explanation by both Start Mortgages and Legal Representatives prior to the drawdown of the loan.

Anyway, if you are in trouble with Start Mortgages or just curious, check the docuмents below and use any information as you deem appropriate.

Please note, if your Mortgage was drawn down after Oct 2006 it will not be covered in the docuмents below, we have not been able to find information relating to post Oct 2006 Mortgages to date.

Lansdown No 1

lansdowne No 2

Please educate yourself with regard to Mortgage Secuitisation and how it affects you, we will post further relevant information as it becomes available.

Feel free to ask questions, we will attempt to answer them in our limited experience, none of this information should be construed as advice, we are not professionally qualified to provide advice, this is rather, our opinion based on our investigation and experience.