One account reducing our facility

humphrd

Not sure if anyone can help or has experience with One Account mortgages ?

We took out a mortgage with one account back in 2004 and had an agreed limit - we have never been in arrears but haven't been able to overpay for some time as we were made redundant and it took many years to get jobs paying the same.


The bank has now reduced our facility by over 25k and expect us to be able to pay this by September. We only have 6 years left on the mortgage and understand that if we haven't repaid it by then we will have no choice but to sell.


Talking to them it feels as though they are reducing our facility, will be forcing us to sell or go into arrears. Is their specialist lawyers we can contact? Anyone any experience of this ?

andyfromotley

im assuming the One mortgage was a interest only/offset mortgage?

If so it looks as if they too have worked out that you won't be able to pay and are trying to force you to pay it down thus limiting their exposure.

I doubt if a lawyer will be able to help, i'm guessing that they are within the T&c's to do this?

It strikes me that you have two realistic options, you can either remortgage or sell? (which is probably going to be the outcome in 6 years time anyway)

I guess if you think they are acting illegally or unfairly you could try the FCA?

ACG

You would need to complain to themdirectly and then take it to the ombudsman if your not happy - cheaper than a solicitor - and also leaves you the option to go to court after if you wish.

humphrd

Thanks both - I do need to double check the t & cs my understanding was as long as the account was paid by the end date then you could flex as appropriate.

We have explained all the things planned to pay off the balance, we have a house in France we have been trying to sell forever. We both have pensions we can access lump sums of over the next 5 years.


Currently we aren't n arrears but paying two mortgages is tough and my reducing our facility by 25k or more they are therefore forcing us into a position that could lead to repossession I didn't think they were allowed to do this.


We do have around 120 k equity in the UK and around 50k in France but do have debts as a consequence of not being able to sell France. Anyway probably best to post some of this in the debt section - it's just frustrating. I'm 51 and in a good job and hubby is 63 and waiting to retire so getting another mortgage will be tough. thanks for letting me rant !!

Thrugelmir

humphrd wrote: »

Currently we aren't n arrears but paying two mortgages is tough and my reducing our facility by 25k or more they are therefore forcing us into a position that could lead to repossession I didn't think they were allowed to do this.

RBS has given you plenty of notice to take action. Repossession will therefore be self inflicted.

We do have around 120 k equity in the UK and around 50k in France but do have debts as a consequence of not being able to sell France.

We presumably are continuing to mount.

Perhaps time for a rethink.