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Hi there I have visited this forum before and received some really good advice so i am back again. I thought i was fairly intelligent and but over the years i have made some really bad choices and put my complete trust in people to handle my financial affairs without me questioning them. Therefore i am in another mess and hope that you can help me out with what to do about this one. Before anyone says anything yes i know i should have checked the contract before i signed it and thought i did check it but obviously i overlooked the length of the term maybe i was in cloud cookoo land who knows but normally i wouldnt make such a stupid oversight.
The situation is i have an interest only mortgage with ge money which i took out in 1998 since then i re-mortgaged another 2 times the first two were for a term of 15 years and thought the third one was over the same term of 15 years until to my shock i got a letter saying that my mortgage was up in october 2015 this is a term of only 10 years. i remember discussing with my broker that i wanted the same term of 15 years and he agreed and it was just a matter of signing the contract i had done it twice before so i didnt feel the need to be over cautious, i wish i had now though. because i will not have the money in place to pay it off next year but i will have if it had been the correct term of 15 years as i have money in trust which is only released at a certain time. i have no idea how to go about sorting this out or if i actually can sort it out i am so worried i do not want to sell my home because of some stupid oversight by me and mistake by my broker. I have been very unwell with mental illness and physical illness over the past 8 years but still I just cant believe it has taken me this long to
realise. Any help would be greatly appreciated thank you maria
The situation is i have an interest only mortgage with ge money which i took out in 1998 since then i re-mortgaged another 2 times the first two were for a term of 15 years and thought the third one was over the same term of 15 years until to my shock i got a letter saying that my mortgage was up in october 2015 this is a term of only 10 years. i remember discussing with my broker that i wanted the same term of 15 years and he agreed and it was just a matter of signing the contract i had done it twice before so i didnt feel the need to be over cautious, i wish i had now though. because i will not have the money in place to pay it off next year but i will have if it had been the correct term of 15 years as i have money in trust which is only released at a certain time. i have no idea how to go about sorting this out or if i actually can sort it out i am so worried i do not want to sell my home because of some stupid oversight by me and mistake by my broker. I have been very unwell with mental illness and physical illness over the past 8 years but still I just cant believe it has taken me this long to
realise. Any help would be greatly appreciated thank you maria
