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Another equity release nightmare

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  • Another equity release nightmare

    Hi all, my Mum has recently passed away and she was 20 years into her Northern rock interest roll up mortgage. The initial loan was £14k, and had she lived for 4 more years, the plan would have ended leaving her with a bill of £105k. Now, I have read through the term of the contract and its all legal, and was sold in the correct manner, but I have not come across any other life mortgage that had the very real possibility of ending during the borrowers lifetime. Do I have* reasonable grounds for a complaint, or even just a complaint about financial conduct or such a ridicules repayable amount for such a small initial loan? Any advice would be greatly received as the big companies robbing the little man makes my blood boil!
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  • #2
    Long story short. My friend (Who was a Policeman, with connections to a very good Solicitor).His Uncle Equity Release on his property, the uncle had two holidays and a conservatory built, the property when he passed, was valued in the region of £300,000. The loan on the property ?. The result's legal ste_ng.*

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    • #3
      but isnt a lifetime mortgage supposed to last your lifetime, they could have forced a sale at age 90, surely that cant be right??

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