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Mortgage Reserve with the Woolwich now Barclays - Help needed
neenmarie
Posts: 83 Forumite
Hi
When we got our mortgage with the Woolwich we also took out a reserve for future improvements to the house. We agreed a limit of £20,000 and so far we have used £10,000. In theory we should have another £10,000 to drawn on but i'm not sure if we can access the whole amount and how it works? On their website it sayes the amount will be accessable as and when you need it but when we phoned them a few months ago they said that a certain amount becomes available with every £2,000 that we pay off our mortgage!
Can anyone shed any light onto the matter of how this mortgage reserve works or does aanyone else have this type of reserve. Any help appreciated! Thanks
When we got our mortgage with the Woolwich we also took out a reserve for future improvements to the house. We agreed a limit of £20,000 and so far we have used £10,000. In theory we should have another £10,000 to drawn on but i'm not sure if we can access the whole amount and how it works? On their website it sayes the amount will be accessable as and when you need it but when we phoned them a few months ago they said that a certain amount becomes available with every £2,000 that we pay off our mortgage!
Can anyone shed any light onto the matter of how this mortgage reserve works or does aanyone else have this type of reserve. Any help appreciated! Thanks
0
Comments
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Check with online banking the reserve acount should show there.0
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