Investec is distributing 3,600 title deeds for houses in 15 different townships around Gauteng. Investec has, at its own cost, cancelled
the mortgage bonds registered over the properties.
The title deeds of the properties are being returned to the registered owners and the substantial underlying debt is also being waived by Investec.
“These mortgage bonds were held as security for an old lending deal. When we settled and received the bonds we decided that instead of trying to sell them, or collect on them- the right thing to do was to give the homes back to the people," says Ciaran Whelan, Investec COO.
Three generations who'll benefit from debt-free home ownership.
The majority of people receiving the title deeds are pensioners who've been paying off their bonds for decades.
Recipients receive the news that their bonds have been paid off with shock, disbelief and immense joy.
“One of Investec’s most cherished values is that we strive to live in society, not off it. This is something of a mantra inside the bank that we live by. These recipients now have a home of their own and an asset they can use in other life-changing transactions, like starting a business or educating their children,” says Richard Wainwright, Investec Ltd CEO.
When you see the absolute joy on people’s faces- the young and the old, you get a sense of the impact this has made. They told me it’s changed their lives forever.
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The distribution of most of the 3,600 title deeds will take place between November and December 2019, with the intention of completing the handovers within the first quarter of 2020.
“We believe that the ownership of land and the ability for a person to call it their home is an integral part of social and economic development in South Africa, something we are grateful to be able to play our own part in.” says Wainwright.
I know when I’m dead my kids have got a place to stay.
About the author
Caroline Edey-van Wyk
Colloquially known as Investec’s “storyteller,” Caroline curates and produces all the content that underpins Investec's Out of the Ordinary brand promise. She works across the business but specialises in the areas of Sustainability, CSI, Sponsorships and HR. Caroline holds a Bachelor of Journalism degree in Political Science and Broadcasting - cum laude. Before she joined Investec she was a broadcast journalist at Sky News and eNCA.