General Chat

When you took out one of these mortgages you also took out an insurance policy which would on its full term payout the amount of the outstanding mortgage

What has happened is that many of these insurance policies were dependant on a buoyant economy and the interest rates remaining high. This has not happened and many of these policies are falling way short of their predicted payout.

My first mortgage was a repayment and even after a couple of years it was clear that the insurance would never pay out the amount it should have.

Luckily when I moved I went on to a repayment mortgate. This finished last month after 14 years. Thanks to the very low interest rates and never adjusting my repayments I paid up the mortgage nice and early. I was lucky and I know that many are not in the same position as me.

Kay, I believe we were mis-sold an interest only mortgage, and I have common sense thanks.

Like most things, every case is different, but if 65,000 householders believe they were mis-sold there interest only mortgages, obviously something's a miss I'd say.

1,000's were mis-sold loan insurance, so why not interest only mortgages?

Rose ,,,,,,,, :-D,

how do they think they were ever going to pay for their property?

common sense tells anyone who has borrowed a sum of cash,,,,,,it carried interest on top of whats been borrowed,


read the small print,,,,,,,read the small print. :-D

As you've no doubt seen in the news ,

"1.3 MILLION with interest-only loans face losing their homes in mortgage 'timebomb'


But what gets me is this, how on earth can so many have believed they would not have to pay it back?

"The report said 65,000 householders believe they were mis-sold the mortgages and claim they had no idea they would be expected to repay the original loan."