My dad was mis-advised 18 years ago and took out the wrong mortgage, can he sue?

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2. Unless he said (18 yrs ago) - "I want a repayment mortgage and I don't want a interest free one", and he can prove it and the lender misled him about the mortagge, you don't even get off first base. In light of his lack of financial acument, I think this unlikely.

3. I have not seen the forms signed, but I would be amazed if they did not state it was an I.O mortgage. Whether you think it was clear enough is only releavnt to his being misled. The issue for a court is - would someone reading the form carefully realise this was an I.O mortgage?

3. In any event, what's his actionable financial loss? As a result of having an I.O mortgage, his monthly repayments have been lower for 18 years than they otherwise would have been. He has to repay the capital whether it's over the lifetime of the mortgage or in one hit.

4 It also fails for notice. Your father would have received each year (at least) an annual statement showing payments made and capital outstanding. If he thought he was repaying the capital, someone will ask why did he think the capital sum was remaining the same?

5. I therefore think your fatehr's prospects of success in a civil action are as close to nil as makes no difference.

You could raise your complainst with the mortgage services ombundsman - but I suspect it's wasted effort.

Therefore your answers are: no, he can't sue, with any prospects of success and yes - he will have to repay the capital sum.

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My dad was mis-advised 18 years ago and took out the wrong mortgage, can he sue?

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