Bank of Scotland agrees for compensation over mortgages

Wednesday 07th February 2024 05:27 EST

Bank of Scotland, a part of Lloyds Banking Group, has reached an out-of-court settlement with a law firm representing 160 current and former customers in a case involving "unfair" mortgages. The settlement gives hope to numerous individuals burdened with substantial debts.

The legal dispute revolves around "shared appreciation mortgages" sold to Bank of Scotland customers in 1997 and 1998. These mortgages, which have faced criticism for their impact on borrowers, particularly in terms of leaving them owing significantly more than the originally borrowed sum, have been a source of financial distress for many.

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