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Reserve account
Londonraj
Posts: 8 Forumite
Hi guys,
Has this happened to anyone else?
I have a flexible Barclays lifetime tracker mortgage. It has a reserve facility where the more you pay off, the more you are able to borrow (if you needed to).
They just send a letter saying that because I had not used the facility, they would like to reduce it to £100, with a £150 charge if I want more later on - OR I could just leave it the way it is now, around £10k.
Sounds a bit silly to me, is it the credit crunch? We are inclined to keep it just in case, and just wondered whether they were doing it to everyone?
Has this happened to anyone else?
I have a flexible Barclays lifetime tracker mortgage. It has a reserve facility where the more you pay off, the more you are able to borrow (if you needed to).
They just send a letter saying that because I had not used the facility, they would like to reduce it to £100, with a £150 charge if I want more later on - OR I could just leave it the way it is now, around £10k.
Sounds a bit silly to me, is it the credit crunch? We are inclined to keep it just in case, and just wondered whether they were doing it to everyone?
0
Comments
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Not just you see the thread here
http://forums.moneysavingexpert.com/showthread.html?t=829085
and I think there is one over on current accounts as well. I haven't had my letter yet but I am waiting.0
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