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Mortgage lender not saying what is minimum I can leave in my account. Advice please!
Wauden
Posts: 3 Newbie
My parent has died and I came into some money. I want to leave only one pound in my mortgage account (for a good reason). I called UCB Home Loans last month who said I could do just that and lots of people do that with them.
Today I called them about that to tell them I was going to pay off the mortgage and leave one pound, and they suddenly said I can't do that; that even if I left £1,000 in the account they would call the account 'frozen' although I don't want to actually freeze the account! She said I wold have to pay a redemption fee but I said I don't want to redeem it yet. After a long time on their 0845 number I gave up but will call again tomorrow. I did ask for the manager but the person just put me on hold.
This is very odd. I don't want to actually close the account (I have a good reason) but just leave the minimum. UCB (now part of Nationwide) refused to tell me what that minimum is!!!
Can anyone advise please?
Today I called them about that to tell them I was going to pay off the mortgage and leave one pound, and they suddenly said I can't do that; that even if I left £1,000 in the account they would call the account 'frozen' although I don't want to actually freeze the account! She said I wold have to pay a redemption fee but I said I don't want to redeem it yet. After a long time on their 0845 number I gave up but will call again tomorrow. I did ask for the manager but the person just put me on hold.
This is very odd. I don't want to actually close the account (I have a good reason) but just leave the minimum. UCB (now part of Nationwide) refused to tell me what that minimum is!!!
Can anyone advise please?
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