Remortgaging, can i use previous lenders facility ?

yakface77

Hi
Ive recently remortgaged from woolwich to cheltenham and gloucster, for some reason there was a shortfall of £300 and the woolwich mortgage is still active albeit with a £300 outstanding balance.also the current account reserve of £6k is still available too.
I start making payments to c+g at the end of this month, woowich have said that basically the mortgage can stay with that balance and they wont nag me for the money its incurring about 21p a month i think.

question is will it make any difference if i use the reserve ammount with woolwich, surely c+g are waiting for the deeds from woolwich !! until i pay the remaining balance of 300.
just thinking the reserve ammount if available is far cheaper to use as emergency if needed. any advice is appreciated

happybroker

C&G May have something to say about it if they can't register the legal charge due to Woolwich not having been repaid in full.

I think who ever you spoke to at the Woolwich is either new or a bit stupid (there are planty of those there!) and you would be well advised to speak to the solicitor who acted in the remortgage to get it sorted out properly.

yakface77

Thanks for your helpful reply Happy broker, that makes sense :-)