Linda and Rod held to ransome

I took out a BoS SAM type remortgage with Bank of Scotland for Ł82,000. I have been paying back the mortgage monthly at more than 5.00%+ rate since starting this account. If only I had been aware that I could have had a fixed rate mortgage without the equity share bit! I am now in a position where I cannot sell my house and move downmarket as I do not have enough equity in the property which is released to me.

Property prices have soared in this area, My home was valued at Ł119,000 when I took out this mortgage, Ł10,000 less that 3 estate agents estimates. The B of S had already ensured they had a share in Ł10,000 of my house, even if prices stayed where they were!

I estimate the asking price to have increased to upward of Ł220,000 at the present time; because I have to give 73% of the equity back to B of S, this will leave me with less than Ł70,000 to purchase another home. I still have a daughter at home with me, my husband had a series of strokes over the last 4 years and has now been retired on disability benefit. I am the breadwinner, and at my age, cannot afford to leave my job and take the chance of finding something in a different area. I really feel that there is no way out for me.

I never thought that after all the years struggling to pay mortgages, moving twice to find work in different areas for my husband, that I would be in such a terrible situation. It was myself who went into this type of mortgage as I thought it was right for us, I did not realise the terrible repercussions it would have on us.

I cannot discuss this with my husband as I cannot risk making him ill through worry, he has enough of that regarding his poor health. If only someone would have warned me about the consequences of this type of mortgage! I am at the end of my tether and feel that I am just living day by day and struggling to pay a mortgage which will not help me in the end. My home will never be mine. I have now got to the stage where I cannot see any point in keeping up the standard of upkeep to my property, it will just be money spent to furnish the bank with more profit.

Ironically enough, I am now working in the Financial sector as a mortgage advisor for a small mutual building society! If only I had had this knowledge before I plunged into the hell that is equity shared mortgages. I recently had a client of the Society who had the same type of mortgage, he fell into debt when his business failed. The only option for him was to sell his house, move to Lincolnshire, where prices were much lower, into a tiny house, miles away from his children and grandchildren. What sort of life is that for a businessman who has struggled all his life to provide for his family? I feel that this will be our fate as well if something isn't done.