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Retirement Mortgage Issue
mandymoo72
Posts: 59 Forumite
Hi there
My mother has received a mortgage redemption statement in for her retirement mortgage. She borrowed £25K about 10 years ago and is currently repaying at around £100 per month. The statement states that if she repaid it tomorrow they would require £43K in settlement. I don't know that much about mortgages but seems excessive to me. The mortgage is with Halifax. Does anyone know how I can see about this? I remember there being a scandal a fews year back re retirement mortgages and I am looking to see if she has been mis-sold this.
thanks
Mandymoo
My mother has received a mortgage redemption statement in for her retirement mortgage. She borrowed £25K about 10 years ago and is currently repaying at around £100 per month. The statement states that if she repaid it tomorrow they would require £43K in settlement. I don't know that much about mortgages but seems excessive to me. The mortgage is with Halifax. Does anyone know how I can see about this? I remember there being a scandal a fews year back re retirement mortgages and I am looking to see if she has been mis-sold this.
thanks
Mandymoo
0
Comments
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Hi Mandy I'm no expert but I'm guessing the 100 she was paying off was mainly interest on the 25k as she theoretically remortgaged a percentage of her property the 42k is probably the value of the equity that she sold? Then again I could be totally wrong :-/ANDR£W0
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Is it an equity release mortgage she has?
Have you spoken to Halifax and asked them for information?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I think she got the house for around £10K via Right to Buy. She is in her late 70's and can hardly remember yesterday never mind 10 years ago.0
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I will need to ask her ACG. She is not very good with these type of things.
thanks
mandy0
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