Posted on: 04th Jan, 2009 07:43 am
I was sold an interest only mortgage by a well known
building society when i was 55 and my husban was 59.i am now 78 and my husband 82. i was not offered any endowment with this insurance as i was not expected to still be here!!! and then obviously my mortgage would be repaid upon the sale of my house. I am still here and am still paying but surely i would have been better off with a repayment mortgage as who was to say how long i will live??? as it stands now i have already paid 23 years worth of interest and i could still live another 20 years. can anyone advise if they think I was mis-sold this mortgage. my mortgage was only small and the amount of interest alone has already tripled that.
building society when i was 55 and my husban was 59.i am now 78 and my husband 82. i was not offered any endowment with this insurance as i was not expected to still be here!!! and then obviously my mortgage would be repaid upon the sale of my house. I am still here and am still paying but surely i would have been better off with a repayment mortgage as who was to say how long i will live??? as it stands now i have already paid 23 years worth of interest and i could still live another 20 years. can anyone advise if they think I was mis-sold this mortgage. my mortgage was only small and the amount of interest alone has already tripled that.
Hi lorrainewalsh!
Welcome to forums!
I don't think the mortgage was mis-sold to you. I can understand that with time, the mortgage has increased. You may check out with the lenders whether you can get a reverse mortgage in this situation or not. To know more about reverse mortgage, check out the following link:
http://www.mortgagefit.com/reverse.html
You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. Let's hope they will be able to help you.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I don't think the mortgage was mis-sold to you. I can understand that with time, the mortgage has increased. You may check out with the lenders whether you can get a reverse mortgage in this situation or not. To know more about reverse mortgage, check out the following link:
http://www.mortgagefit.com/reverse.html
You can also speak to the lenders of this community and seek a no obligation free mortgage consultation from them. Let's hope they will be able to help you.
Feel free to ask if you have further queries.
Sussane