Rbs rule changing

jamiets

To cut a long story short i have an rbs offset mortgage and eary this year i came into some money (£60k) so i put all this into my offset mortgage. Thinking as before all i had to do was phone the bank and draw down extra funds out of my mortgage as i had done before, but now have been told that i cant get any money out of my mortgage on the grounds of affordability. Over the last 5 years i have also over payed my mortgage by around 25% so how can this be can anyone tell me ????

Jimbo1976

From your description it sounds more like a flexible mortgage rather than an offset mortgage.

With an offset mortgage you have a separate savings account alongisde the mortgage. When you put money into the savings account, this is offset against your mortgage balance reducing your interest cost.

It sounds as if you have paid lump sums off your mortgage and cannot redraw this money back. I know a number of Northern Rock customers had this issue.

Do you have any of the original documentation explaining if the you could redraw any lump sum reductions without further underwriting? Also have RBS written to you explaining any changes to your terms and conditions.