We took our fixed rate mortgage out with the Woolwich, which then became Barclays, about 6 years ago. It came with a Mortgage Reserve which was an approved overdraft calculated as the difference between the value of the house and the outstanding mortgage balance so the facility increased as the mortgage balance reduces.
It was listed as an additional feature of the mortgage and it was something we used once before to buy a car and tide us over until we'd got the funds together to repay it.
Barclays have written to us to say they are withdrawing it because they are "responsibile lenders". It was something I could see us using again so are they within their rights to withdraw something that was part of the original offer (listed in the Key Facts document)?
If nothing else it could be an opportunity to move to a lower rate deal because they'd materially changed the terms, but again i'm not sure this would apply and the mortgage conditions aren't clear.
It was listed as an additional feature of the mortgage and it was something we used once before to buy a car and tide us over until we'd got the funds together to repay it.
Barclays have written to us to say they are withdrawing it because they are "responsibile lenders". It was something I could see us using again so are they within their rights to withdraw something that was part of the original offer (listed in the Key Facts document)?
If nothing else it could be an opportunity to move to a lower rate deal because they'd materially changed the terms, but again i'm not sure this would apply and the mortgage conditions aren't clear.