Irresponsible lending from Barclays? Advice please

minimike2

G-G, they dont ask if they want the extra benefit because it is a feature of all thier mortgages, that is thier proposition.....therefore it is the brokers responsibility to discuss it before applying.

delboyuk2005uk

I think this is an great idea I may do it myself in the future. I assume you could make overpayments to get the mortgage loan paid earlier? But if you need to dip into it ie the overpayments you can. If this is what it is it sounds good to me.

lavieenrose77

MINIMIKE:

Its not the longest document in the world, and only takes ten minutes to read, so not having enough time over the weekend isnt really an excuse for not reading it. You have pointed out yourself that a mortgage is the biggest debt you will ever take on, so why would you not take ten minutes out of a day to read the document that outlines the commitment of the biggest debt you will ever take on in your life.

Whether or not I had time to read this at the weekend is quite frankly none of your business and completely ireelevant - I had a number of family issues to attend to that took up all of my time and with this being such a serious matter I wanted to ensure that I allowed enough time, at a point when I felt relaxed and not have a million other things to attend to to ensure I take it all in. Call me/say what you like but that is how I prefer to handle such important matters.

Perhaps the issue does indeed lie with my broker and as I mentioned previously, I have written to them this morning to ensure they are advising future customers so that they do not go through this. You guys are supposedly the "experts" but it is completely ignorant and quite frankly down right arrogant to assume that everyone else i.e. the general public knows every last ins-and-outs of applying for a mortgage.

I turned to these guys to assist me with what is a highly complex and confusing process and I feel that 95% of the service I received was fantastic however not being advised of this is worrying. I am happy to recommend the people I dealt with for my mortgage - they were indeed wonderful and efficient. Perhaps they were not aware that ALL Woolwich mortgages offer this "product feature" and perhaps that is a training issue.

I do however feel that it would be responsible and in the public's interest if Woolwich/Barclays/Whoever to take positive action by running some sort of ADDITIONAL check (or perhaps confirm with the customer directly) at some stage in the process that the customer was happy to receive a card with a PIN that allows them to withdraw the money they have been paying off. That is all!

minimike2

Well its not really irrerlevant as if you had read it you would have know the account was mandatory.

You clearly have a massive issue with this, yet you say you are happy with the broker and would recommend them. This baffles me to be honest as they are the ones that have caused all your woes. Why should the Woolwich put "additional checks" in place to see if the client thats applied for thier mortgage actually wants to apply for thier mortgage.....the fault is with the broker. Woolwich can only assume that the broker has explained the product properly. Just like with any other lender and any other feature of any other mortgage.

I dislike the comment about expecting the public to know the ins and outs of the mortgage.....I dont think anyone has said that and I certainly do not expect people to know such things. I have made it perfectly clear who I believe is to blame (although we still dont know what level of service you took). The problem I have is that you are blaming the wrong party for your grievance.

BenL

For every £2000 you pay off you get access to £2000 more credit. Sheeeshh in a falling market.

I would hope they will change this to pay £2000 get access to £1000

minimike2

They actually recently withdrew limits and reduced them to £100 unless the clients opted-in to keep them.

People complained about that on here too.....they cant win either way. LOL.

lavieenrose77

They actually recently withdrew limits and reduced them to £100 unless the clients opted-in to keep them.

Well, whether it's the Woolwish or Barclays... someone is not being clearly given correct information - I called Barclays this morning, I spoke to the Mortgage team Customer Services department and they, this very morning, told me that for every £2000 you pay in... you are entitled and have access to wothdraw..... £2,000

minimike2

Thats what I said in post number 14.

The information in post number 38 is also correct. Limits were withdrawn as some people had silly limits like £100k + from where they have been repaying thier mortgage. It doesnt mean they wont still increase in line with the £2k rule, even if they have opted-out of keeping thier limit and reduced down to £100.

Woolwich and Barclays are the same people, not seperate companies. Woolwich is just a trading style that Barclays use for the mortgage side of thier business.