I've a Pension backed mortgage on my home but my pension is gone - BOI is foreclosing

I have 3 mortgages on my private residence the largest is a pension backed mortgage of €500k I have arrears of around €70k. I was made redundant in 2009 and I had to convert my pension to an ARF to keep us going but it's now gone. BOI converted the PBM repayment to a standard mortgage and the monthly repayment huge (I'm in my mid 50's) and is deemed to be unsustainable by BOI. That are foreclosing unless I sell my house. The house value should cover most of the outstanding mortgage but it's the family home and I've nothing else and my income isn't very much, any savings are gone.
I was told by a friend that I shouldn't have been given a pension backed mortgage for my home in the first place - have I any comeback with the bank? Has anyone any suggestions?

Hi Phoenix14, I am sorry to hear about your situation, I am sure it is very stressful. I don't think though there is quite enough information for anyone to give you a useful response, laying out the financial situation will elicit more responses as people will have something to work from.

On whether or not you have any sort of case for the bank mis-selling you a product. On what basis is your friend asserting you should not have been sold it? Would you be in any better a position now if you had not availed of it?

From what you are saying, you are in a hard place but not the worst place possible, you can settle your debts by selling your home but that leaves you in a weak financial position as you approach retirement.

As per above response from Socrates it is unlikely that you would have any success in appealing the "miselling" aspect of a pension backed mortgage. This was a standard mortgage offering and unless you have a clear case as to why you were specifically misold this product it is going to be extremely difficult to make a valid basis for a misell. Get professional advice! You are now in a position where you need this and should not rely on hearsay advice from friends!