This doesn't seem right

Carteman

Hi all
Hope someone can help me with this I had a mortgage with bristol and west which has now been taken over by bank of Ireland,since having it I have had the mortgage arranged for 150k I have only borrowed 25k of that and every statement says I have an available drawdown facility of 125k. When it was Bristol and west I could ring them and they would transfer the money (however much up to my 150k) the same day.I have asked for a drawdown last week for 100k and they are now saying I need to set up a new mortgage even though on every monthly statement it says I have an available drawdown of 125k.I needed the money quick and they have told me it will take up to six weeks to set up a new mortgage,
Is what they are doing even legal as I arranged my mortgage eight years ago surely that cannot move the goalposts now,as it states on my monthly statement I have an available drawdown of more than this.....
Hopefully someone can help.
Cheers
Carteman

Thrugelmir

Carteman wrote: »

Is what they are doing even legal as I arranged my mortgage eight years ago surely that cannot move the goalposts now,as it states on my monthly statement I have an available drawdown of more than this.....

If your mortgage was taken out 8 years ago it was quite possibly an unregulated mortgage agreement. So B of I are merely wishing to update their records and issue a regulated mortgage agreement.

They haven't declined your drawdown request. So the goalposts haven't been moved.