Oh my God, poor woman.
https://www.bbc.co.uk/news/uk-england-nottinghamshire-66958018
An 89-year-old widow faces having to repay £165,000 on a bank loan of £16,250 taken out by her late husband in the 1990s.
Beryl Hutchinson said she only became aware of the deal her husband Barry agreed with Barclays shortly before he died last year.
The loan was interest-free at the time but secured against any future rise in the value of couple’s bungalow. The bank now stands to take 75% of the property’s appreciation if it is sold.
Mrs Hutchinson, from Eastwood, Nottinghamshire, and her son Steve now fear she could lose the home which they were considering selling to help pay for care if she needs it in the future.
She said she believed her husband, a former miner, did not fully understand the implications of the deal, called a shared appreciation mortgage, when he signed it.
Barclays declined to comment on her situation, but insisted the terms of shared appreciation mortgages were fully explained to all customers before they were agreed……………………………………………
@HebrideanHecate I doubt they'll pursue it. I hope they don't. There's no way they'll see it in her lifetime.
@HebrideanHecate I used to work at RBS/Natwest and there was an apocryphal story of someone selling a 90yr old a 10 year bond...it was given as an example of what we shouldn't be doing.
@HebrideanHecate I lasted 18mths before I could no longer bear it.
@sullybiker They can say what they like, but it is much too easy to bamboozle customers, especially elderly or those with poor grasp of finance or all the weasel ways banks operate.