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2nd degree

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  1. Hi, Wonder if you guys and girls can help me with this. First of all I'm in the process of getting all the facts together as this is my Mums mortgage not mine, so bear with me. My parents took out a 25 year interest only mortgage in 2006 for £70000. My Dad was 60 years old and my Mum was 58 years old. The mortgage was via a broker. They were not asked about how they would make the final payment (if they were alive by then!!). Nor were they asked about life insurance and sadly my father passed away very suddenly in 2008. The broker did ask if they had an income (they were foster parents) however my Mum does not recall being asked to supply proof of income. My Mum does still have some income from fostering, but she cannot do it forever and she certainly has no means of paying any of the mortgage off (other than selling the house which is worth ~£150000). Does this sound as if the broker mis-sold this to my parents and would my Mum have a case for compensation? Thanks Alan
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