Coventry building society home reserve scheme

jmj_3

I am about to complete paying off my mortgage with the Coventry Building Society. They have offered me the opportunity to join their Home Reserve Scheme which allows me to borrow money for home improvements/special purchases more easily in the future. However by opting in, the building society keeps a charge on my property (even if I borrow nothing) which would need to be removed if I moved house. Although I do not anticipate needing to borrow money in the future, I want to understand the pros/cons of this scheme. Can anyone elighten me please? I assume it means that if I asked to borrow money for home improvements they might waive needing to a survey on my property, but I can't see what other advantages there are? It seems that if I'm unlikely to borrow money, I would just incur additional legal costs when I next moved house getting this charge removed. Can anyone explain please?

jmj_3

Have to say I would highly recommend Coventry Building Society. Their customer service is fantastic. They respond to everything quickly & generally things operate without difficulty. The one time I had problems with a savings account, they called me back, said what they would do to put it right & completed this action correctly with 24 hours!

Anyway, back to Home Reserve. It basically is a deeds retention service (so probably simpler than having to lodge your deeds with a solicitor)but, additionally, if you've been with them over 5 years you get privilege rates if you need to reborrow/remortgage in the future. So now think I should probably opt in.:)