Errors made by Abbey in the 1980s could come back to hit consumers in the present day as a number of policies are further away from maturity than was previously thought.

                                    

Homeowners who thought they would be paying off mortgages for 25 years are set to find out that they face an extra 15 years' worth of payment, it has been revealed, with the bank reportedly failing to tell its customers at the time that it was extending mortgage terms.

 

The Financial Ombudsman Service (FOS) has said that consumers may still be able to seek compensation.

 

"This is an issue specific to Abbey because it was not explained to the customers and they were surprised to discover they would have to pay over longer terms," advised FOS spokesman David Cresswell, speaking to the Daily Mail.

 

Last month mortgage lenders announced that they were preparing to launch a 50-year mortgage for the first time.