My dad was mis-advised 18 years ago and took out the wrong mortgage, can he sue?
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Firstly, we live in London, so this will be related to British Law
My dad was mis-advised 18 years ago (April 1990) when he took out his mortgage, and was advised an interest-only mortgage, not a repayment mortgage.
He was given the wrong forms to fill in when he took out his mortgage and the forms do not clearly state it's an interest only mortgage, it only states the value of the house and the loan he's taken out.
When the mortgage was completed and a completion form was sent, he got a statement through which does say on it "amount to be paid upon completion"
However, my dad is not very financial illiterate and didn't understand fully everything which was going on, and was under the impression, the mortgage would of been paid up after the 18 years.
The upfront fee is now due in a few months. The company has now changed names, however he is still on the wrong mortgage. Can my father sue? And will he have to find the full amount?
Please only reply if you know the legals here.
My dad was mis-advised 18 years ago and took out the wrong mortgage, can he sue?This is an interesting question.
There are a number of legal cases involving the mis-selling of investment vehicles (endowments, pensions etc) , but not loans per se.
I very much doubt your father has any actionable legal claim on the facts set out in your question, this is why:
1. I'm not sure why you consider he was advised on the wrong sort of mortgage. The broker gets no better comission on an interest-only than a repayment.
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