Barclays / Woolwich Mortgage reserve

SWB

We have just received a letter saying Barclays are reducing our Mortgage Reserve Limit. We were just about to use the full amount. Does anyone have any experience of this please?
Did they leave it the same if you contacted them?
Did they reduce it after you asked them not to?
Have you removed all the funds before the reduction and what happened then?
Thanks for any and all information as I struggle to contact them during office hours.

Gloomendoom

I had the same letter a while back but can't remember the wording. Presumably, it was a warning that they were about to do it and not a statement that they already had. If the former, why not just take the full amount now?

SWB

Thats what I was thinking but dont want to take it and then them reduce it so we are way over what we are allowed and be told we have to repay it all within a short timescale? Thanks.

getmore4less

You should still be able to keep it if you want.

The letter should have a date it will be reduced.

unless offset the rate is SVR and there is no payment plan so you have to manage it yourself and have it paid off on the mortgage term.

SWB

Update.
I eventually managed to speak to some-one at Barclays. They only reduce the reserve if you are not using it. It was confirmed that I could keep (and use) the full amount. If anyone is in a similar situation, Barclays were really helpful.
Thanks everyone for your help.