Shared Appreciation Mortgage

MortgageMamma

Hey there's nowt wrong with skeggy! ROFL

HelpWhereIcan

EdInvestor wrote: »

No it doesnt. As I say, misselling has not been found with SAMs, complaints have not been upheld.

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and of course you would not be so bold as to suggest that even though complaints have not been upheld and misselling has not been found that you think it was mis-sold anyway.;)

EdInvestor wrote: »

My comments were rather a clarification of Mr Helpful's remarks which seemed to suggest that SAM mortgages and modern equity release mortgages were much the same thing.Of course, there are major differences.

Thank you for clarifying that you intended them as a clarification.

There are, of course, many differences in the way they work (hence the difference in name) but I am sure that you would agree that the purpose behind the two is fairly similar... allowing those with a minimal income from which to make repayments to a mortgage to benefit immediately from the equity in their home without having to sell it and downsize.

EdInvestor

Let me be clear: I don't think there was a lot of misselling involved in SAM mortgages.

There are a number of ways in which one's property can be used to generate income,and this is a growing area which is going to be very helpful to the people who are suffering pension blight.So IMHO it is not helpful to confuse people by reference to obsolete products being the same as new ones.

After all, you wouldn't tar all mortgages with the endowment brush, would you?

HelpWhereIcan

EdInvestor wrote: »

Let me be clear: I don't think there was a lot of misselling involved in SAM mortgages.

which is a much needed bit of balance to the previous tone of your posts. This would help the OP to know as it may prepare them for the chance that their mother arranged a SAM for the right reasons and knowing what she was doing.

EdInvestor wrote: »

There are a number of ways in which one's property can be used to generate income,and this is a growing area which is going to be very helpful to the people who are suffering pension blight.So IMHO it is not helpful to confuse people by reference to obsolete products being the same as new ones.

Which I am sure was not Mr Helpful's intention. I am sure he would be happy to clarify that he meant that the OP's mother may have taken a SAM in order to release some equity for her own use (bearing in mind that current Equity Release mortgages were not widely available at the time) and that it may not have been mis-sold meaning that the OP would have little hope of finding a loophole.

Or was that what he actually did say?

EdInvestor wrote: »

After all, you wouldn't tar all mortgages with the endowment brush, would you?

Especially not because an endowment is an investment vehicle and not a type of mortgage.

Mr_helpful

EDinvestor
The second post in this thread was by me I told the OP that complaints were mostly unsucessful against miss selling. After hijacking the thread due to your own personal grievences against advisers it took you to post 19 before you admitted it was unlikely to be miss sold.
It would be nice if you could get that bee out of your bonnet about all advisers being misleading and all customers have been ripped off just because a salesman sold them something. You seem to be as Mortgage Mamma quoted a wannabe without the qualifications.
If you have verbal diarrhoea why dont you go into politics where you might be able to have a positive effect on the financial services industry. I hear the MRLP is recruiting

EdInvestor

HelpWhereIcan wrote: »

Especially not because an endowment is an investment vehicle and not a type of mortgage.

Yes, it's such a pity all the naive first-time buyers weren't told that in the first place, isn't it?

Perhaps then they would have been able to avoid being missold.

Mr_helpful

"Yes, it's such a pity all the naive first-time buyers weren't told that in the first place, isn't it?"


How on earth do you know that? were you there at all the sales? Do you think that no first time buyer ever had a brochure explaining the investment or Key facts document. Do you think they were never given an illustration comparing the cost of repayment against interest only plus endowment?
If you ever read a KFD it made it very clear what an endowment was.