I took out an interest only mortgage more than ten years ago. It was deemed misold but because I just got on with it time lapsed too much for me to take issue with the company and believe me I tried. There was no proper advice given as to the implications and enormity of that decision . When i did realise it was too late to redress.
The rate was a lot higher than the Bank of England rate so I found myself paying many people repayment mortgage. Realising I was stuck i pinned any hope on house prices rising but our new development has not increased one jot in fact some here are in negative equity so my idea of selling and getting a smaller place makes that solution to my dilemma impossible.
Now, I won't get a mortgage and social housing is unobtainable too and going into hostel as a dog owner which is where I'd be put isn't an option. This is our home, our haven, our castle which I try my best to protect.
I'm trying every option I can to solve my dilemma but just can't. I have no family to ask financially, my credit rating is no doubt shot so I'm sat here waiting for the inevitable.
OK, you could say I brought it on myself but back then mortgage companies were throwing mortgages at people via unscrupulous mortgage representatives. Honestly, had it all been properly explained I would NEVER have signed on the dotted line.
So, I am here and if I end up homeless then so be it but I thought I'd try this. You can say I'm irresponsible, an idiot but at the time I signed based on the information provided. Thanks for reading this. If you wish to donate to my cause i say thank you in adance. Nothing like an old fool hey?