Dubious

My mother took out one of these mortgages with Barclays Bank and as far as I am aware, she borrowed Ł32,000, which was one third of the value of the property at the time. The house is now worth approximately Ł226,000, of which Ł129,500 would be due back to Barclays Bank.

Although she sort legal advice in connection with this mortgage, she was not told to seek financial advice, and the possibility that this situation could happen would not have occurred to her.

She is currently 88 years old, and it seems quite obvious to me that this was not an agreement between equals, inasmuch as one must accept that the bank would have been much more likely to be able to understand and anticipate the huge increase in house prices than my mother who was an 83 year old widow at the time.

It seems a gross injustice that the bank should profit so much from a lady who owns nothing else apart from her home, in such a dubious way.