A member asked about 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?

Jeremy Feiglin
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.

Answered about 9 years ago   Legal disclaimer


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