Barclays Reserve

BargainMatters

I have a Woolwich Open Plan mortgage which I took out in Feb 2002.

I have currently used almost all of the Reserve and therefore quite close to the limit (I have about 3% remaining)..

I have received a letter from Barclays telling me that I have been close to the Reserve limit for the past 12 months and that I need to call them ASAP to discuss repayment options. They have also reminded me that the Reserve will need to be paid when the mortgage term ends.

I am anxious about the letter from Barclays.

I already have a repayment plan in mind (worst case, downsize my property which is worth more than twice what I owe Barclays).

Am I compelled to call Barclays to discuss a "repayment plan"? Can they demand immediate repayment? I have never missed a monthly payment.

Any help / advice will be much appreciated.

Regards,

BargainMatters.

RedFraggle

They're being responsible as you have effectively not paid any of your original loan back.
They can't demand immediate payment but are probably concerned about your finances as it suggests you can't manage on your income.