My dad was mis-advised 18 years ago and took out the wrong mortgage, can he sue?
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No, I don't think he has any claim, but if he doesn't have the money, then he should refinance it.
Finally, I seriously hope your dad understand that even if it's interest only, you still have to repay the loan.
My dad was mis-advised 18 years ago and took out the wrong mortgage, can he sue?18 Years ago most organisations insisted that an endowment policy was linked to any Interest only Mortgage - but you don't say if he has one.
There was a big hulaballoo about the fact that endowments were not reaching the predicted returns and many firms did get sued and had to make up the shortfalls via compensation payments.
However there was a time limit for claiming.
If he didn't take out the endowment it may well turn out to be his word against the lenders - you will need to seek legal advice for this, try Citizens Advice if you are short of money.
However as it will be a civil claim may be costly if you loose.
The Law is too grey an area for anyone other than and expert...sorry.
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