Shared Appreciation Mortgage

YK07

Hi there

I've just discovered that my mum (who sadly died in January) had an SAM - are there any tips, laws, loopholes etc to try to get out of this please, we're absolutely horrified.

Many thanks

Mr_helpful

Hi I am not sure why you are horrified. Was she on her own? If so she probably took it on as a way of raising cash so as not to be a burden on others.
Most of the ones I know were with Bank of Scotland (though there were others) As far as I know most were sold ethically in that the literature was pretty informative with an illustration showing house price inflation of 9% which was pretty representative of house prices over the last century.
As far as I know but others may correct me Bank of Scotland won complaints against them over this product.
They had a lot of similarities with equity release schemes.

EdInvestor

Mr_helpful wrote: »

They had a lot of similarities with equity release schemes.

Did they indeed ?

Perhaps you'd like to outline the similarities you mention.

Why not tell us about the differences as well?

Mr_helpful

Yes
and No as not of any benefit to OP
and No again for same reason.
Instead of nit picking perhaps you would like to awnser the OP.s question.

EdInvestor

More misleading comment from Mr Unhelpful.

Here are some examples of SAMs ( which are no longer sold):

http://www.samvic.co.uk/Case_110.htm

With an equity release lifetime mortgage, you only owe the loan and the interest on it.All the increase in the value of the property since you took out the loan belongs to you.The two products are quite different.

More about modern equity release:

https://www.ship-ltd.org

Mr_helpful

I dont think the OP could give a toss about equity release I only said similarities in the context that it was the sort of mortgage an old person on their own might take out, capital paid off at death or sale. None of the usual financial underwriting etc.
Since you are the worlds know it all on everything mortgage and investment why dont you advise the OP

MortgageMamma

Don't let her get to you Mr H, there are always those that will try to undermine those trying to help without good reason. They forget that these forums are not purely for debate on technical issues, or a place to show off ones knowledge, but somewhere where members of the public come for help, not to witness conflict. Keep up the good work.

JoeK_3

MortgageMamma wrote: »

Don't let her get to you Mr H, there are always those that will try to undermine those trying to help without good reason. They forget that these forums are not purely for debate on technical issues, or a place to show off ones knowledge, but somewhere where members of the public come for help, not to witness conflict. Keep up the good work.

Well done MortgageMamma, 30 - 15

JoeK

EdInvestor

What are you guys on? :mad:

Someone posts misleading information and when someone else corrects it, they get slagged off for "showing off their knowledge".

Pathetic.

JoeK_3

EdInvestor wrote: »

What are you guys on? :mad:

Someone posts misleading information and when someone else corrects it, they get slagged off for "showing off their knowledge".

Pathetic.

I think we were reacting to your comments " Mr Unhelpful " not very lady like!

JoeK

Ian_W

Kick one adviser - and the rest limp! Talk about stick together right or wrong.

The ever so Mr Helpful has largely been anything but since he joined a month ago. He was so helpful in suggesting I had my head up my @rse when posting on another thread where I suggested an OP should consider equity release - the post was subsequently deleted. But it may interest you MortgageMamma and JoeK that you both suggested the same - as did 2 other brokers - so do check the position of your heads cos Mr Helpful probably thinks that's where yours are too!

To the OP - the only genuinely helpful post is the link posted by EdInvestor to the Shared Appreciation Mortgage Action Group. The main site is at:
http://www.samvic.co.uk/
I'm sorry I don't know anything about them myself but that's a good starting point.

Remember you didn't get that steer from one of the many helpful advisers on here!!!