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Ninety-year-old widow faces sickening £177k bill to repay a £22k mortgage - but Barclays insists its 690% profit is fair
thisismoney.co.uk
A 90-year-old widow is facing a £177,750 bill to pay off the mortgage on her home, which was worth just £22,500 when it was taken out in 1989.
The sickening contract will be triggered the moment she decides to move home, landing her with a bill that will see her mortgage provider Barclays pocket a 690 per cent profit.
After losing her husband last year, Mrs T is now living alone in their three-bedroom semi-detached family home in Essex. However because of the contract they signed 27 years ago, it is unlikely that she will ever be able to afford to downsize.
Mr and Mrs T were among tens of thousands of homeowners who signed up to this type of mortgage in the 1980s. Known as a shared appreciation mortgage, no interest is charged, but instead the lender grabs a percentage of any future uplift in the value of the home when it is sold.
This type of mortgage has been completely withdrawn now but thousands of homeowners who took them out in the 1990s are still tied into them.
Mr and Mrs T signed away a 69 per cent share of any increase in the value of their family home; some loans involved giving away as much as a 75 per cent share.
When the loan was agreed, Mr and Mrs T's house was valued at £95,000. It is now worth £320,000, which means Barclays' share of the uplift is worth around £155,250, which when added to the loan value of £22,500 is £177,750.
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