Withdrawal

dp_87

Hi all,

I am after some advice in an area in which I am pretty clueless and a friend has recommended that I ask on here! I am going to contact the bank directly when I return home but in the meantime..

My parents have a mortgage with Barclays and there is a mortgage reserve account there. My dad withdraw everything available (around £7000) a while ago without telling my mum. A couple years down the line the bank asked my mum what plans do you have for paying this back etc.

So we have been slowly paying this back every month. Now again, as we were paying this back, whatever we had paid back was available to withdraw again and my Dad has again gone and withdrew the £1300 or so that we had so far paid back without consulting us.

My questions are..
a) a way of continuing to pay back the account whilst blocking withdrawals
b) shouldn't it require both names on the mortgage to approve a withdrawal?

Any help would be greatly appreciated.

AnotherJoe

Speak to the bank, get the mortgage reserve removed.

I wasn't going to comment on all the other sort of obvious issues that spring to mind.... but... come on whats going on? OK sorry, but obviously this is a way bigger issue than fixing the mortgage, this is a plaster on a deep wound that needs stitches. There are many other ways he can run up debt that will leave your mum equally exposed.


Your title "withdrawal" doesn't really cover the root issue at all "partner keeps getting into debt" is i would say a better one, and maybe it should be in the loans or debt-free or even relationships section ?

getmore4less

Barclay's are trying to get these reserve(overdraft) accounts reduced.

The way they implemented them you could operate your mortgage as an interest only one.

Starting with No.2 the account is a secured overdraft in joint names anyone can draw down the OD to the limit.

For No.1 you can get the OD limit reduced not sure if they can remove or block the account for deposits only, might be best to save up a chunk and get the reserve reduced at the same time as you deposit the money.


One other thing is this an offset?
It makes a big difference to the rate if offset it is the mortgage rate if not it is SVR.