UK banks face lawsuits over mortgages that left people with huge debts

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• brewery@feddit.uk ⁨3⁩ ⁨weeks⁩ ago

  I’m against most of the activity banks do or did but was this really unfair given they had to take legal advice and were advised it’s an unusual product they chose to take? They got money for nothing, no repayments and they’ve benefited from a substantial house price increase regardless. The bank is taking their share of that increase but they still get 25% of the increase plus use of that original 25% cash payment for years with no repayment. I mean, considering how hard it is to get a house now, I don’t have much sympathy here

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  • waz@feddit.uk ⁨3⁩ ⁨weeks⁩ ago

    Read the article; “borrowed £33,000 from Barclays in 1998, but her debt to the bank is now estimated at about £660,000 and could rise further.” That is really bad and would never be outweighed by the rise in the property value.

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