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I live in Scotland, so don't know if this means things are done a bit differently with respect to house buying when we bought house we met with solicitor twice, once 2 sign forms once 2 pick up keys. Discussions were between solicitor & financial advisor.
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The solicitor would have pointed out the key risks mentioned on the offer letter with you.
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What I was originally getting at was as it was interest only should i have been offered some sort of endowment/insurance
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There was only one mainstream provider of endowments left in 2003 and they pulled out in 2004.
Mortgage advisers are not allowed to put in place investment products. So, if you used a mortgage adviser/broker then they couldnt do that. Only if you used a financial adviser you could.
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We have certainly never had loads of money left over at any time, realise there was the 5k at remortgage but went on communal bill ( yes I know it was still profit) but 5k profit v 5 year added on....I know which I would have preferred.
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You would have had even less had you been on repayment basis.
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And just to end I'm not bring greedy here, I've worked hard to get where I am , really struggled to clear £££ in debt due to personal circs.
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Would it be fair to say that had your mortgage been several hundreds of pounds a month more, that your debt situation would have been worse?