A member asked
over 9 years ago
Mortgage shouldn't have been granted
My son took out a large mortgage, he is only 18. I do not believe he has the ability to pay it back, well he can but he has no money left to live on after that. Is this unconscionable conduct on the bank's behalf?
Principal at Keelins Lawyers
If this is a consumer loan, then the Consumer Credit Code requires the lender to engage in responsible lending and not to make loans that are unsuitable for the borrower.
If the loan is unsuitable, then a complaint should be made to the bank itself. If this cannot be resolved, then it should be referred to the Financial Ombudsman Service.
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