We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Shared Appreciation Mortgage
dwatson
Posts: 1 Newbie
Sold between 1996 and 1998 this type of Mortgage was given out to home owners who wanted to release some of their equity - today the paypack for using this service is costing the client 400% over what they borrowed - does anyone have any experience or aware of any challenges against the banks against this clear theft? Thanks
0
Comments
-
My Dad (In the early stages of his Alzheimers) took a SAM with BOS - Dad has lost all cognitive skills (cant talk or understand).
The house was valued at 125K and is now worth circa 300K
they borrowed £25K and the BOS took 75% on any gains on Equity.
Mum is in a largeish house, but is pretty much trapped in her house.
I have spent a couple of years arguing with BOS and all they have moved to is an offer of help if mum wants to downsize - I'm surprised Martin Lewis hasn't looked at these in more depth (apologies if he has).
SAFE (which was an action group against SAMS) is in total chaos and has fought a number of internal arguments and retirements.
Any one with any other experiences in this area?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards