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Kevin and Jo Garvey from Grays bought their three-bedroom semi when they got married in 1959.

After they paid off the mortgage, Kevin took out a Shared Appreciation Mortgage to borrow 拢19,000 to help his son with a deposit for a house.

This type of mortgage meant you could convert up to a quarter of your property's value into cash.

Their home was worth 拢76,000 at the time, but is now thought to be worth closer to 拢450,000.

Under the terms of these mortgages, they believe the bank will take about three quarters of this when the house is sold.

A spokesperson from Barclays said: "Before a shared appreciation mortgage was completed and the funds were released, customers were required to seek independent legal advice and confirmation was obtained from the customers' solicitors that the terms of the legal charge and mortgage conditions had been fully explained to them. This was done to ensure customers fully understood the nature of their borrowing. The product literature also encouraged anyone interested in a shared appreciation mortgage to discuss their intended borrowing with their family."

Photo credit: Veronica Denman

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