Twenty five year mortgage sold to 55 year old

WOSSER

Abbey - sold me a £100,000 mortgage on a property worth £205,000 nine years ago. I am now 65 and still working, but next year I will be forced to retire. I was never asked how I would repay once I hit retirement. Do I have a case to go back to them and get them to pick up the tab for the outstanding capital balance.

dotdash79

You might have cause for complaint but not to have the mortgage wiped out.

How did you thing you would pay off the mortgage when it came to retirement? You should have noticed that the term would take you up to 80 years old.

dunstonh

I was never asked how I would repay once I hit retirement.

Did you suddenly lose the ability to count yourself?

Do I have a case to go back to them and get them to pick up the tab for the outstanding capital balance.

Very few people succeed on such a case. Sometimes, on advised cases it can lead to a redress payment but that is rarely paying the mortgage off. Many people go into retirement with their mortgage with the plan to repay the balance out of their pension lump sum.

For you to succeed, you would need to persuade them you are of generally low intelligence, had no pensions and it would have to be an advised case. If it was a remortgage and your existing mortgage already ran past retirement date then it was just a shuffling of existing debt and the problem already existed.

So, do you have pensions? Was the mortgage debt already in existence? Did the term remain the same or was it new borrowing?

BarleyGB

This could be the next PPI scandal, banks not telling customers they may have to one day repay what they borrow.

Did it not occur to you that one day you would have to pay back? What age the mortgage term took you to?

betmunch

When you took it out how did YOU think you would repay it when you retired?

Did they hide the fact that it went past your planned retirement age somehow?

missbiggles1

Over a million pensioners are still repaying a mortgage - if you can afford it what's the problem?

tizerbelle

WOSSER wrote: »

Abbey - sold me a £100,000 mortgage on a property worth £205,000 nine years ago. I am now 65 and still working, but next year I will be forced to retire. I was never asked how I would repay once I hit retirement. Do I have a case to go back to them and get them to pick up the tab for the outstanding capital balance.

Why will you be forced to retire? The default retirement age was abolished in 2011.

Even if there is an Employer Justified Retirement Age where you currently work, it doesn't necessarily mean the end of your working life (or that the EJRA is legal)

967stuart

Morals....

ACG

If it was advised you may have a complaint, but advised or not surely common sense should have kicked in that you were going to have a 10 year shortfall?

shortchanged_2

Of course your bank should buy your house for you TWOSSER.

HappyMJ

WOSSER wrote: »

Abbey - sold me a £100,000 mortgage on a property worth £205,000 nine years ago. I am now 65 and still working, but next year I will be forced to retire. I was never asked how I would repay once I hit retirement. Do I have a case to go back to them and get them to pick up the tab for the outstanding capital balance.

They will not repay the capital balance but they may hold off from repossession indefinitely...but during that time the interest will continue to accrue and if you planned to leave anything to your partner/children then the interest charged may wipe out any equity you have. You have plenty of equity so I don't see why it won't go on for a while. You may even get help with mortgage interest with your pension so you can stay where you are for quite a while. They'll really only take serious action if you owe more than half the value of the house and aren't making any arrangement to repay.