Thousands of borrowers who took out shared appreciation mortgages with Bank of Scotland or Barclays in the 1990s are being urged by a law firm to join a new legal battle against the banks.
The law firm, Teacher Stern, has spent more than a year tracking down borrowers who took the loans and This is Money can reveal that they are finally ready to kickstart legal proceedings against the two banks.
This week the firm wrote to ‘hundreds’ of borrowers with whom it has been in touch, outlining plans to force the banks to rip up original contracts and charge a ‘fair and reasonable’ rate of interest on the loans.
Anyone wishing to make a claim will have to pay a nominal fee and fill in a short questionnaire detailing the circumstances in which they or their parents took the shared appreciation mortgage.
Teacher Stern is ready to take the banks to task over ‘unfair’ shared appreciation mortgages
Chris Philpot, the solicitor heading up the legal challenge, said: ‘This is really a final call to anyone who has a shared appreciation mortgage, has parents who took one or anyone who had one that they’ve already paid back.
‘We believe we have a strong case against the banks and are hoping to achieve a far fairer deal for those who are facing these huge debts. If anyone is affected by SAMs they should get in touch on a confidential no obligation basis.’
Read the full article at Daily Mail Online
