New Post Advanced Search

Missold interest only mortgage

34 replies 3K views
124»

Replies

  • I’ve three interest-only mortgages which I chose to take out to maximize my flexibility.

    Where do I get compo?
  • We were offered an interest only mortgage in 2009 when we were struggling with debt and had an IVA in place. We've paid the same interest rate since 2009 and our property is now in negative equity. We have no savings and cant afford to pay any more money each month to pay off some of the mortgage. Im very worried about what will happen in 6 years time when it is up. Now Nram has sold our mortgage to s finance company. Claims company has said we could have been overcharged but im not willing to sign anything as they want a credit agreement put in place. Financial advisor says the only way out is to pay more monthly. Any advice gratefully received.
  • zx81zx81 Forumite
    28.3K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    ✭✭✭✭✭
    Your financial advisor is correct.
  • I guess we were hoping that the house prices would rise enough in time to pay our interest free mortgage off with the proceeds of the sale. Sadly were now in negative equity along with a short lease so we need to find 3.000 to extend it. Not in a good place right now.
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support