Is it the Credit Crunch?

borntobefree

Hi

Just interested in your views on the following:-

I have a Woolwich old open plan mortgage. The Woolwich was taken over by Barclays. Our mortgage has a £48k reserve facility on it. This morning received a letter from Woolwich/ Barclays saying that if we don't tell them that we want to keep the facility, that we will lose it and that in the future a fee will apply to get it back (current fee £150 - and that then borrowing is subject to status).

Thing is I think I should hang on to this facility even though I see no need for it at present.

Any thoughts

Thx

B2bF

maninthestreet

Tell them you want to keep it - it costs you nothing.

Dan_Collins_2

they are trying to tidy the books up so to speak. Maybe to do with the crunch but I imagine they do it every now and them. Just tell them you want it.

Bismarck

Thanks for the tip off..I'll look out for our letter in the posts....I suppose a £48K open door is one that Barclays would like to close if they can! Will definitely keep ours as it's a handy safety net.

chappers

Not sure if this is quite the same situation, but your facility may be subject to staus anyway.
We had a flexible advance on a Nationwide mortgage years ago and we drew down some of it for home improvements, when we went to draw down some of the remaining advance two years later they wouldn't let us, they said due to our changed credit status(only thing we could think of was some increased credit card debt.