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mortgage reserve facility woolwich/barclays

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hi can i have some advice please got a letter off my mortgage company/bank saying they would close my mortgage reseve facility, i am in arrears with my mortgage so am thinking about selling my house as i have roughly 50 percent equity in it i have been blacklisted so would not use their facility if i wanted to anyway , was going to ignore it and let them shut it anyway read up about it and it seens its just a loan facility like a remorgage.... am i correct many thanks ...if i asked for a loan they would refuse anyway cant get an overdraft anyway!!!!!thanks alot

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Hi Tat,


From what you say, this is not the mortgage itself that's being closed - just a related product offer that they're withdrawing because the mortgage is in arrears.


You need to concentrate on sorting the arrears problem, of course, so that you remain in control of the situation. If it gets to the point where repossession is possible or likely, it may be too late to keep control of any sale.


If a repo happens, you stand to lose a lot of your positive equity in financial and management fees.


We have a repos forum where you can seek advice if you need it.



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  • 5 months later...


Welcome to The Consumer Action Group.



I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.


Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.



Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.


It can be bit confusing at first.

Please be advised that my time will be limited for the next few weeks.Thanks for your understanding.

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  • 1 month later...

If you have an openplan (where the mortgage and current account are linked) type of account the mortgage reserve is actually an overdraft on your current account. As you reduce the balance of your mortgage, the amount available as a mortgage reserve increases. By closing your mortgage reserve facility they are basically saying that they won't lend you any further funds that may increase their exposure.


However, they (unless they have specifically told you otherwise) aren't closing your actual mortgage account.

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