75 year old sold 25 year mortgage

toddle2u

Hi, I wonder if I could get some advice on this. My friends late father was sold a mortgage for £175k in 2003 at the age of 75 (died 2008). He went through a broker but they have no details of who they were. How do I go about finding this out for them? Also is this a case of being mis-sold a mortgage and what recourse do they have?

The mortgage company was GE Money and not sure if it makes a difference but the property was in Scotland.

Thanks in advance

ILW

toddle2u wrote: »

Hi, I wonder if I could get some advice on this. My friends late father was sold a mortgage for £175k in 2003 at the age of 75 (died 2008). He went through a broker but they have no details of who they were. How do I go about finding this out for them? Also is this a case of being mis-sold a mortgage and what recourse do they have?

The mortgage company was GE Money and not sure if it makes a difference but the property was in Scotland.

Thanks in advance

What did he use the money for?

betmunch

Even if it was regulated, what makes you think it was mis-sold?

toddle2u

What did he use the money for?

It seems to pay off other debts

It predates regulation on mortgages, so you're going up a blind alley with mis-selling.

Even so it does seem outrageous that a broker or someone can't be held accountable for this

getmore4less

toddle2u wrote: »

It seems to pay off other debts


Even so it does seem outrageous that a broker or someone can't be held accountable for this

So basicaly it looks like he swaped one debt for another, might have been what was asked for and might have made the debt cheaper to service with lower interest rates.

toddle2u

So basicaly it looks like he swaped one debt for another, might have been what was asked for and might have made the debt cheaper to service with lower interest rates.

Agree but went from unsecured debt to secured with no life insurance

ILW

toddle2u wrote: »

It seems to pay off other debts



Even so it does seem outrageous that a broker or someone can't be held accountable for this

I cannot see what the issue is, the money would stiil have had to have been paid from his estate whether it was secured or not, probably just saved some interest from accruing.

getmore4less

toddle2u wrote: »

Agree but went from unsecured debt to secured with no life insurance

Not a requirement to have life insurance.

What goal are you trying to achieve with this enquiry?

Tiddlywinks

toddle2u wrote: »

Hi, I wonder if I could get some advice on this. My friends late father was sold a mortgage for £175k in 2003 at the age of 75 (died 2008).

So, during the 5 years that he did repay the mortgage I assume his relatives did not have any concerns.

Now, they have an inheritance hanging in the balance they suddenly want to take a closer look? Maybe they should have been there sooner when the original decision was up for discussion.

Presumably he knew the implications of his decision - if not, then his family should already have been around to help.

Senior_Paper_Monitor

I have stared open mouthed at this thread three time now - and couldn't think of a polite way to answer it !

Messrs ILW and Tidleywink however seem to have 'hit the two relevant nails on their respective heads' without resorting to the terms I would have used !

Its a bl**dy silly world we live in ! I should be recompensed !!!

opinions4u

toddle2u wrote: »

It seems to pay off other debts ...
Even so it does seem outrageous that a broker or someone can't be held accountable for this

It seems outrageous that a man of that age could build up such large debts.

The "broker or someone" probably made them affordable.