Mortgage reserve with Barclays

nana2four

We have a mortgage with Barclays and only have 17 more payments on it ,which would be great if we didn't have £46,000 reserve left on the mortgage I don't know how we are going to pay it back in the time left we are currently in a dmp with stepchange has anyone else had a similar problem ,and if so what was the outcome tia

andyfromotley

Hi nana.

i am assuming this is additional borrowing that should be cleared at the same time as the mortgage?
If so contact Barclays, they must have encountered this problem before and will perhaps have a method for dealing with it? Perhaps by turning it into some sort of principle paying loan/mortgage?

nana2four

Thanks Andyfromotley yes this is additional borrowing, I did have a meeting arranged with an advisor but had to cancel at last min ,from what I can gather they wont do anything until mortgage ends, I pay £ 497 per month .I could just kick myself for using it, I did have every intention of putting it back but it never happened brilliant new thread btw one day at a time

andyfromotley

Re book the appointment. At least then you will know officially the answer. After that perhaps contact one of the debt charities to see what they can advise?

(thanks)

jwil

They should come to an arrangement with you. I've still got 20 years left on my mortgage and they were offering options for clearing our reserve (we already have an account which matures in time to clear it).

Get in touch with them again and see what they are offering. They want it cleared with your mortgage so I'd be surprised if they are willing to wait until the mortgage ends.

nana2four

Hi jwil I was surprised too but it was the Barclays lady whom I spoke to who said they wont do anything until mortgage is finished so I thought I would ask on here see if anyone else was in same boat as me