Mis-sold repayment only mortgage

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  • sarahstar77
    sarahstar77 Posts: 2 Newbie
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    Possibly, it was an interest only mortgage, thanks
  • owen_money
    owen_money Posts: 764 Forumite
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    csgohan4 wrote: »
    Insurance is useless when you don't use and a life saver when you need it.

    I have income insurance for this very reason and I hope I don't need to use it.

    People who chose to spend this money on a night out instead are unwise than thinking ahead

    Yeah but I've had some great nights out and have still paid my mortgage off - never paid for insurance, well maybe for the odd prophylactic
    One man's folly is another man's wife. Helen Roland (1876 - 1950)
  • antrobus
    antrobus Posts: 17,386 Forumite
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    sarahstar77 wrote: »
    ... Essentially is there a body that I can contact who would look into this if I got all the facts together. ....

    Your parents can complain to the lender that they were mis-sold the mortgage. If dissatisfied with the response, they can take it to FOS.
    sarahstar77 wrote: »
    ...
    I just feel that it was irresponsible lending as it was for a home renovation and they were previously mortgage free, it has caused a lot of stress and upset. ....

    Why do you feel it is irresponsible to lend for home renovations? What renovations were carried out?
    sarahstar77 wrote: »
    ...
    Shouldn’t they have looked at their age and the potential for loss of income? ....

    How old where they when the loan was taken? What potential for loss of income do you believe existed at that time? Why do you think it's relevant?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    edited 14 October 2018 at 3:06PM
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    sarahstar77 wrote: »
    Possibly, it was an interest only mortgage, thanks


    What was the house valued at when your parents took out the IO mortgage?
    How much was the mortgage for?

    For how long?

    Why did they take out an IO mortgage and not a repayment?

    What was it valued at when you took out a mortgage on it?
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