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Hi we have been forced to sell our house because my wife lost her benefits due to the government
and the banks/building society when we transferred our mortgage to our new lender we were given the option
of a mortgage reserve account of £20,000 telling us that we could use at any time without applying for loans
as years went on we did use the money for various things and we where both working then my wife became ill and
has not worked for about 10 years but the lender kept putting money back into the reserve account and we used
it to make payments to the account as we could not afford to make the payments plus we used some of it to stay
afloat now the account has reached £45,000 they have caped it and the interest is £200 a month and it is now £49000
we was not told it had been caped until we received a letter saying we where behind and they where looking to
take action so when i rang them they then told me it had been caped
when we first took out the new mortgage it said that the reserve account had to be paid by the end of the
mortgage term and we only signed for the £20,000 now the way i look at it is i think there should take some blaim
for not explaining how it would work as we have now used up our equity and now we have had to sell our house
at a loss so they don't reposes and are moving into a static caravan because our credit rating is none existing
can anyone help or suggest anything we have sold but are cumming away with basically nowt and having to rely on friends and family to help with the move in to the caravan
and the banks/building society when we transferred our mortgage to our new lender we were given the option
of a mortgage reserve account of £20,000 telling us that we could use at any time without applying for loans
as years went on we did use the money for various things and we where both working then my wife became ill and
has not worked for about 10 years but the lender kept putting money back into the reserve account and we used
it to make payments to the account as we could not afford to make the payments plus we used some of it to stay
afloat now the account has reached £45,000 they have caped it and the interest is £200 a month and it is now £49000
we was not told it had been caped until we received a letter saying we where behind and they where looking to
take action so when i rang them they then told me it had been caped
when we first took out the new mortgage it said that the reserve account had to be paid by the end of the
mortgage term and we only signed for the £20,000 now the way i look at it is i think there should take some blaim
for not explaining how it would work as we have now used up our equity and now we have had to sell our house
at a loss so they don't reposes and are moving into a static caravan because our credit rating is none existing
can anyone help or suggest anything we have sold but are cumming away with basically nowt and having to rely on friends and family to help with the move in to the caravan
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