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offset mortgage

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stevesosmoney
stevesosmoney Posts: 1 Newbie
in Mortgages & endowments
I took out an offset mortgage many years ago. This runs alongside a bank account to offset interest etc.
I did use the bank account, and it did have a balance, but as I never used it for quite a while the bank shut the account, taking away my option to offset.
At the time it was a very lean time and what little money I had was used in another current account etc.
Do I have any comeback on the bank for shutting this part of the mortgage agreement down?

Comments

  • BarelySentientAI
    BarelySentientAI Posts: 2,448 Forumite
    1,000 Posts Name Dropper
    What did the T&Cs say?
  • Hoenir
    Hoenir Posts: 7,737 Forumite
    1,000 Posts First Anniversary Name Dropper
    Offsetting normally comes with a higher rate of interest. What's your current mortgage product? 
  • born_again
    born_again Posts: 20,338 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Did you not get a warning of account closure?
    Which should have prompted you to use it, even to just transfer something in & out?

    Need to dig T/C out 
    Life in the slow lane
  • silvercar
    silvercar Posts: 49,513 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    If it did have a balance, what happened to that balance?
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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