Advice on additional borrowing via Barclays

neenmarie

Hi

I have an appointment at my local Barclays branch on Friday to discuss maybe borrowing some additional money. I want to borrow about £15 - £20k. Our mortgage at the moment has £63k left to pay over 20 years. Our house is worth £190k and we brought it for £169k. We had a large deposit from the sale of my flat which was £75k so in total our borrowing from Barclays including the interest was around £129k.

We are on a very good tracker at the moment of 0.5% and only pay around £285 per month on the mortgage. Now my question is would the additional borrowing be on the same percentage as the tracker or would the additional borrowing run on a different interest percentage? Also what are the chances of us getting the additional borrowing with my husbands not so good credit score which should improve in 2013 when his default comes off.

I am abit confussed with Barclays at the moment because when we took out our mortgage with The Woolwich at the time we agreed on a reserve amount of £20k, we were told this amount is available to use if we wanted it for home improvements. My husband has called them to discuss the reserve and they are now saying that the reserve amount only goes up when you pay a certain amount off the mortgage. Now some how this doesn't ring true to what we were told at our orginal mortgage meeting, also if the reserve is for home improvements you need a large amount at a time to access as £2k every few years isn't any good if you wanted large home improvements like an extension! Another thing is they are saying our reserve limit is only up to £10k but I am 99% sure we agreed on the limit of £20k because the mortgage advisor said it's better to have it there just in case! I am totally confused.com on this reserve account, can anyone shed any info on it????

getmore4less

Check your mortgage current account.(you should have a cheque book for this)

This will have an Overdraft limit, this is the reserve.

Check back to when you first got the mortgage to see if it has changed, if it was a woolwich mortgage originaly there would have been another account.

you should have all the statements forthese and can check the mortgage cuurent account on-line.

They did play around with reserves a while back and reduced them for some people.

Any borrowing on this will be at barclays SVR unless you have an offset mortgage then it will be at the mortgage rate.

Also check carefully your T&C's some mortgages had the option to convert to offset on good terms.