Tiverton pensioner challenges bank over mortgage
Ivy Winstone, a pensioner from Tiverton is contesting the Shared Appreciation Mortgage (SAM) that she and her husband took out in the late 1990s.
Through the agreement no interest was paid on the mortgage but the bank will collect 75 per cent of the increase in the property’s value once it has been sold – and that would be based on the bank’s valuation rather than the final sales figure.
Her son, Martin, said: “The majority of people who took out the loans were elderly people and the banks never contacted them to explain the opportunity to cash the loan in, or the ramifications of the rapid increase in house prices.”
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