Mis sold Barclays Sam’s Mortgage

Jules789

Has anyone else been mis sold a Barclays Sam Mortgage?
Around 15 years ago my mum and her partner went to Barclays to arrange a 15K loan, however they were quickly talked into taking out their Sam’s Mortgage with the idea that they wouldn’t have to pay the money back until they had died.
So an agent went to my mums property which was mortgage free and valued the property at 120K and this was the guaranteed amount of money that would be given to whoever was named in the will.
My mums property is now worth around 450-500K meaning that Barclays stand to take possibly 300K of mine and my brothers inheritance!.. she tried complaining to the bank and got nowhere.
However the paperwork states that my mum and her partner had a solicitor present who gave advise and also when they signed that the solicitor had also signed the paperwork.. this never happened! There is no signature from the solicitor and also it stated that I myself had waivered all rights to the property???... why would anyone do that??
She has also tried the ombudsman who said that he had lots of people in the same position but there’s nothing they can do??.. how can this be right?... just because Barclays have so much money they can rip people off out of their money and homes?.. is there any advice you can give me please as this is one hell of a mark up from 15K loan to get back around 300K??

Jules789

What I should have added on is that Barclays take 75% of what the property is worth when they die after taking away the original 120k

RelievedSheff

Your mum was presumably happy with the arrangement when she signed the deal?

I'm not sure why you think it was mis sold?

This has nothing to do with how much money Barclays have got. Your mum signed the agreement. You will have to try and find a get out clause in the paperwork but it sounds as though there isn't likely to be one.

This is why you should fully understand any agreement or legally binding document that you are signing before you sign on the dotted line.

Jules789

She was mis sold because Barclays said that she was legally advised and that a solicitor was present!.. my mum and her partner were alone and at no point was she given legal advise or told that she needed a solicitor with her

MWT

Are you sure about the 'around 15 years ago' bit?

I didn't think Barclays were selling those products after 1998...

Need to be sure exactly which product we are talking about and when it was taken as there may be other aspects of this that you do not currently fully understand but can't be sure until we know what it was for certain.

SpiderLegs

Jules789 said:

She was mis sold because Barclays said that she was legally advised and that a solicitor was present!.. my mum and her partner were alone and at no point was she given legal advise or told that she needed a solicitor with her

Have you got a copy of this paperwork with the  solicitors signature on it?

I don’t believe that the ombudsman would tell you that lots of people were in the same position but there was nothing they could do. It just doesn’t sound right.
so what exactly was the complaint to the ombudsman and what exactly was their response?

MWT

If this was a SAM product sold by Barclays in 1998 then the Ombudsman's problem is that they were not sold by Barclays Bank, but by a sub that was not covered by the banking code.

Jules789

You are correct.. I wasn’t sure if the exact date but I have just spoken to my mum and she confirmed it was 1998 that it was taken out

Jules789

No there is no paperwork with a signature from a solicitor because there never was one.. only paper work stating that my mother “was” given legal advice and that a solicitor was present.. which never happened

MWT

... are you sure those are not optional clauses that were not ticked or signed?

One of the criticisms of the SAM products was that legal advice was not offered or suggested to be taken, but if it had been then those clauses would have been signed.

davidmcn

Jules789 said:

also it stated that I myself had waivered all rights to the property???... why would anyone do that??

I'm pretty sure it doesn't say that you "waivered all rights to the property", just that you would go quietly if the bank wanted to repossess. It's a standard requirement where there are other adult residents of a property being mortgaged in England or Wales, and if you hadn't signed it then your mum wouldn't have got her mortgage.