Ninety-year-old widow faces sickening £177k bill to repay a £22k mortgage

Banks rule, don't they?

A 90-year-old widow is facing a £177,750 bill to pay off the mortgage on her home, which was worth just £22,500 when it was taken out in 1989.
The sickening contract will be triggered the moment she decides to move home, landing her with a bill that will see her mortgage provider Barclays pocket a 690 per cent profit.
After losing her husband last year, Mrs T is now living alone in their three-bedroom semi-detached family home in Essex. However because of the contract they signed 27 years ago, it is likely she will never be able to afford to downsize.
Mr and Mrs T were among tens of thousands of homeowners who signed up to this type of mortgage in the 1980s. Known as a shared appreciation mortgage, no interest is charged, but instead the lender grabs a percentage of any future uplift in the value of the home when it is sold.


http://www.dailymail.co.uk/money/mortgageshome/article-3684914/Barclays-charged-90-year-old-widow-177-750-repay-22-250-shared-appreciation-mortgage.html

Indicative of Thatcher’s Britain where banks ruled everything.

That's ridiculous!

I despise banks.

HoratioTarr wrote:I despise banks.  

So do I.

Nearly took one of those mortgages out years ago, then sat down and worked out how much they could make from them!

eddie wrote:

HoratioTarr wrote:I despise banks.  

So do I.

Yet we can't function without them, they won't let us.

HoratioTarr wrote:

eddie wrote:

HoratioTarr wrote:I despise banks.  

So do I.

Yet we can't function without them, they won't let us.

Of course. They keep you scared and reliant.