Halifax Retirement Homeplan Mortgage.

satnav75

Took out one of these in 2004 and at the time I has just turned 50 yrs old, now seriously doubting the wisdom of this mortgage. I recall that at the time, although I had retired and met one of several criteria that applies to this mortgage I was well below the normal minimum age which was I believe 65. I have contacted the Halifax and was told that the age element of the criteria was discressionary and they could let applicants below the minimum age apply for the mortgage, some discression!

I am now thinking of going down the mis sold mortage route, any views or insider knowledge would be useful,

thanks.

Satnav75

opinions4u

satnav75 wrote: »

Took out one of these in 2004 and at the time I has just turned 50 yrs old, now seriously doubting the wisdom of this mortgage.

Why?

I recall that at the time, although I had retired and met one of several criteria that applies to this mortgage I was well below the normal minimum age which was I believe 65.

It was 55.

I have contacted the Halifax and was told that the age element of the criteria was discressionary and they could let applicants below the minimum age apply for the mortgage, some discression!

They allowed you access to the product in a discretionary way. Why is this wrong?

I am now thinking of going down the mis sold mortage route, any views or insider knowledge would be useful

In what way is the product inappropriate for you? Why don't you like it today when you feel it suited you previously? What do you think they should have sold instead?

Mortgage regulation commenced in October 2004 (from memory). If you took the loan before this it will be unlikely you can claim it was mis-sold.

That said, Retirement Home Plan is simply an interest only mortgage, where the buyer intends to live in the same property until the day they drop and wishes to keep loan payments to a minimum. Perhaps you should transfer to repayment if you feel that this better meets your needs and increase your payments accordingly.

I ask again, why do you think it has been mis-sold?