Miss selling

Nebulous2

A large outstanding balance, which is close to the original loan, is likely to be considerably less than the house value, due to house price inflation.

Despite the emotion involved in a situation like this they've probably done very well from it. Monthly payments may well have been less than rent and they've had all the capital appreciation.

csgohan4

The home owners were adults and made a decision to take out that type of mortgage to fund their lifestyle.


Inheritance is never expected but should be seen as a bonus, anything else is a greed.


As always on here, always someone else's fault. Try taking the lender to court and see how far you get

Thrugelmir

csgohan4 wrote: »

Try taking the lender to court and see how far you get

There appears to be no contractual relationship between the lender and the "friend". Accusations need foundation.

dunstonh

Thanks for all the responses. We have been informed that you couldn't have an interest only mortgage 29 years ago. When the endowment was cancelled my friends father should have been contacted by the company to change the mortgage to a repayment mortgage and as stated earlier and confirmed by someone who dealt with mortgages back in the day, interest only mortgages were not available.

That is not correct. The lender would not know that the endowment was cancelled. Endowments were also not the only repayment vehicle. So, whoever is "informing" you is not correct.

As for his father as one response quoted 'embarrassment' with regards to his wife, this was not the case. She openly knew what he had done. Sadly neither party can speak up as they are now deceased and the debts has now been passed on to their son.

debts die with the individuals and do not get passed on. When both died, the debt would have formed part of the estate and the assets would have offset it. Any shortfall would be written off.

They do not get regular statements as the company who are now dealing with this case can find no way of getting a settlement amount or total payment cost together. They have been very threatening to an elderly lady and refuse to speak to my friend unless he is willing go pay the mortgage off.

Who is this elderly lady when you say both parents are dead and its the son that has debt?

This bit makes no sense at all.

Thanks for all the responses, even if some are rather judgemental with only a brief outline of the full scenario.

You started the thread with a misselling accusation when it is nothing of the sort. That is judgemental. Then a lot of the information that follows is inconsistent or just not possible. I suspect you are not getting the full story from the son. Or the elderly lady, whoever she is.

AnotherJoe

Elmatthews78, you've been stitched up by your friend and his so called expert and fed a load of half truths, mistakes and downright lies. Let them get on with it unless you have a really close relationship with this friend, which seems possible from your wording, in which case tell him he's been fed a load of half truths, mistakes and downright lies by his parents and this expert.
And reading between the lines,he's also done something very unfortunate when they died, assuming he dealt with the wills, such as not informing the lender his parents have died.