Banking giants Barclays and Bank of Scotland are facing potential court action over allegations they misled customers taking shared appreciation mortgages in the 1990s.
Christopher Philpot, a solicitor at Teacher Stern, believes he has found a way to take the banks to task over the outrageously expensive loans, based on an assertion that the contracts were unfair.
Thousands of people took shared appreciation mortgages in the late 1990s from both Barclays and Bank of Scotland. The products were sold directly to borrowers and allowed them to release a cash sum worth up to 25 per cent of the value of their home, often interest-free.
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