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The Guardian - UK
The Guardian - UK
Business
Rupert Jones

UK mortgages: ‘How did a £42,500 loan turn into a £477,000 debt?’

Gary Cooper Bank of Scotland
A branch of Bank of Scotland in 2014
Bank of Scotland sold the Sam mortgages between 1996 and 1998. Photograph: Murdo MacLeod/The Guardian

Britain’s biggest mortgage lender is facing questions about how it allowed a £42,500 loan taken out by an older couple to turn into a debt estimated at £477,000.

Gary Cooper discovered that in 1997 his parents took out a type of mortgage that entitled the lender to 75% of any house price rises over the life of the loan.

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