Shared Appreciation Mortgages (SAM) Bank of Scotland

oysternet

Hi Chris Philpot, I don't know if you would be able to help us. Our Mum and Dad were sold this dreadful SAM in the late 90s by BOS after they moved down to be near us from London as Dad had sadly developed Parkinson's Disease. Whilst the house was bought outright Mum apparently needed to borrow £15,000 to make home improvements in support of Dad's illness and went to a local solicitor who actually advised her about this scheme, cutting out and sending her an advertisement. No more than a couple of months later, it transpires, it was a done and dusted deal through the same solicitor. I know that Mum would not have understood the ramifications which, on talking to her later, she seemed to think was a loan with the house held as security. But, as with others, repayment to BOS actually amounts to 75% of the sale price, together with the £15,000 loan + BOS appointed surveyor costs. Mum said that she did not want to worry her children (us) or dad who was already quite ill at the time of the loan so attempted to work independently in their best interests. Dad died in 2002, Mum has Alzheimer's and is now in a home, but has shown signs of poor memory for many, many years. The current cost of her care (£800 per week+) which we are funding privately, but of course her savings will eventually run out. She is currently in a home of her choice and is very happy, as she and dad worked all their lives to provide for just such times. However, when we come to sell the house to continue paying for the home, it will be almost worthless to us.. I wonder if you help or guide us? A friend of the family kindly took up the matter in 2007 when mum first wanted to move to a small flat near the town as she lives at the top of a hill, which was when the awful truth of this scheme came to light as she did not have sufficient equity in the house to do so. This made her further isolated. Whilst our friend went as far as the financial ombudsman who came down in favour of BOS, we wonder if there is anything we are able to do or any groups worth joining our voice to in order to raise awareness and seek some sort of financial redress? Thank you.

gazjones79

Hi,


I was reading your post on Shared Appreciated Mortgages from 2014. My dad took one out around 98/99 with Barclays and I am desperately trying to seek help in how to appeal against this.
Do you have any information that could help


Much appreciated


Gareth ([EMAIL="garethjones_972@hotmail.com"]garethjones_972@hotmail.com[/EMAIL])