Sarah and Derek-------disaster

My husband, Derek (age 72) and myself, Sarah (age 46) remortgaged our property in Hove in a SAM in January 1998 because at the time we had just moved from a flat to a house with our two children (now 18 and 11).

This mortgage was shown to us by our financial advisor at the time and, because of our ages and the fact that we had a low income and could not afford to pay a monthly mortgage, we thought the SAM to be a good idea.

The value of the house was agreed at Ł140,000 in 1998 since when it has more than doubled in value - the initial deposit was Ł35,000 - the rest is history!!
Like many of the other SAM victims, this whole thing has become a disaster
- leaving a very fraught future for us all!