Shared Appreciation Mortgage

dwatson

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

monners1969

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?