大象传媒

大象传媒 Morning Live contacted both the Bank of Scotland and Barclays about this film.

The Bank Of Scotland said:

鈥淪hared Appreciation Mortgages were a specialist type of mortgage available in 1997/8 which were either interest free or offered at a lower rate of interest in return for a share of any future increase in property value. We recommended that borrowers took financial advice to ensure that they understood the product, that it was suitable for their needs and all borrowers were advised by their own solicitor. We are unable to provide comment [on individual cases] due to ongoing litigation, but we do everything we reasonably can to help any customer facing financial hardship.鈥�

A Barclays spokesperson said:

鈥淪hared Appreciation Mortgages (SAMs) allowed customers to borrow funds without the need to make any repayments during their lifetime. Customers also retain complete control over the timing of any sale during their lifetime, including where there is a downturn in the property market, and will retain all of their original equity as well as a share of any potential gain.

鈥淭o ensure that customers fully understood the nature of their borrowing before any SAM completed and funds released, customers were required to seek independent legal advice and confirmation was obtained from the customer鈥檚 solicitor that the terms of the legal charge and mortgage conditions had been fully explained to them. In addition, the product literature encouraged anyone interested in a SAM to discuss their intended borrowing with their family.鈥�

Barclays also included the following information on it鈥檚 Shared Appreciation Mortgage Hardship Scheme:

This scheme helps customers that have a shared appreciation mortgage with Barclays and need to adapt their current home, or move to a new one due to substantial hardship.

To qualify, customers need to show that they鈥檙e facing hardship because of factors such as illness, disability, decreased mobility or a change of financial circumstances.

We鈥檒l consider each application on an individual basis. To apply, customers can call us on 0800 023 2981. Lines are open Monday to Friday from 9am to 5pm. To maintain a quality service, we may monitor or record calls.

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