Equity Release Mortgage interest payments?

sterlingsafeguarder

I have a query regarding a Halifax Retirement Home Plan Scheme. A relative of mine has one and his son pays the interest on the loan to Halifax by direct debit. My relative is the sole named borrower and receives annual statements with the account details of the payments made by the third party. There is no mention of third party involvement in the bank's correspondence.


Is this arrangement legal?

Let_Us_See

No problem whatsoever with son assisting parent(s). Let's hope they never fall out and the son stops paying the mortgage.:eek:

sterlingsafeguarder

Thanks to "let us see" for his comments. I concur with the last sentiment.
I have some concerns over whether this particular mortgage product was suitable for my relative and I am gathering evidence for a potential case of mis-selling/poor advice.
Any comments fellow posters may have on equity release mortgages generally and the Halifax Retirement Home Plan, in particular, would be welcome.

Thrugelmir

There's nothing illegal in someone else paying a bill. That's a private arrangement between the parties. Providing the lender gets paid that's all they are concerned with.

I have some concerns over whether this particular mortgage product was suitable for my relative and I am gathering evidence for a potential case of mis-selling/poor advice.

People are responsible for their own financial affairs. Too often it gets forgotten that people apply for products. They are not forced to accept what's on offer.