Missed selling

paulboy134

Hi 
This is an email about my mum and my brother in 2008 my brother convinced my mum to remortgage her house £85,000 she was 65 years old didn’t have a job and only had the state pension to live on Kensington mortgage company thought it was good business to let her remortgage the £85,000 her house was all paid off when my father died in 1991 my mum told me she  only agreed to do it because she thought she wouldn’t get a mortgage my brother promised to my mum that he would pay the mortgage monthly he never paid it so Kensington went for repossession after court hearings even a judge wrote in a letter saying that Kensington should’ve never lent my mum that money, before it got repossessed my brother found someone to buy The house off them and allowed my mum to stay there until she passed away I only was aware of this about four years ago my mum did not want to talk as she felt ashamed and my brother kept on convincing her that he would pay the money back so she could own her house again . So I was wondering do you feel this is missed sold I Believe that Kensington mortgage company definitely shouldn’t have let my mum remortgage I just feel they knew she couldn’t afford it
My mum sadly passed away last August it’s been really upsetting for me I was just going to forget about it but every time I tell someone about it everyone says the same thing that Kensington mortgage company was irresponsible to lend my mum that money so I was hoping you can help 

AnotherJoe

Seems to me your brother was the irresponsible one and you are deflecting your anger against Kensington rather than him.

And FWIW I'm the same age as your mum was then and stand by the financial decisions i make and if one of my kids badgered me into doing something dumb I'd blame, in order; me then the kid. And not the company.

ACG

Was it a single application in mums name only or a joint mortgage with your brother? 
If it was joint, then your brothers income and expenditure would have also been taken into account. A joint mortgage means both applicants are liable for the repayments not just one or the other. 

[Deleted User]

Was it a self certified mortgage?   

dunstonh

So I was wondering do you feel this is missed sold

Almost certainly not based on the year it was done.     This was the era of self cert.   

 I Believe that Kensington mortgage company definitely shouldn’t have let my mum remortgage I just feel they knew she couldn’t afford it

So, what did your mum do with the money?

Why are you not angry with your brother for getting your mum to do this?

every time I tell someone about it everyone says the same thing that Kensington mortgage company was irresponsible to lend my mum that money

That was the era of easy credit and few rules.   It is different today but things are measured on the rules at the time.  Not what they are now.

RelievedSheff

I think you need to chat with your brother about this and find out the facts and details of what went on and where the money went.

Your brother will almost certainly have been on the mortgage as well.

2008 was a long time ago. It is a little bit late in the day to decide right now that the remortgage should not have happened.

foxy-stoat

So where did the money go and why did your Brother put her in this position.

The person he "found" to buy the property when he didn't give his Mum the money for the mortgage was very kind to let her live there until she passed, wonder if that was part of the hustle?

Your Brother sounds like he should be in prison for fraud.

They probably were irresponsible but as she is no longer alive I doubt you can progress that road.

Good luck with talking to your Brother.

dunstonh

The person he "found" to buy the property when he didn't give his Mum the money for the mortgage was very kind to let her live there until she passed, wonder if that was part of the hustle?

That is what I was wondering too.   Around the time this happened, it was unregulated and there were an awful lot of cowboys and they bought the property way under price knowing full well the people were usually desperate.          Using conventional equity release would almost certainly have been better.  

Thrugelmir

The question needs to be addressed to your brother as to what he did with the £85k.  Convenient that he found a buyer who allowed your mother to remain in situ. Sounds as if someone was attempting to be clever and it backfired. 

Sistergold

What a brother? When he says good morning make sure you check your time that it is truly still morning. 

Socajam

Sistergold said:

What a brother? When he says good morning make sure you check your time that it is truly still morning. 

Thank you, I love your comment