Current Account Mortgage shenanigans?

#1
Help.... I'm fishing....

I have a current account mortgage which has done me proud over the last ten years. Everything has run well for that period but, just when I think I might need it, I have had a telephone call to discuss my "overdraft facility".

We started well, as the lady was not impressed that I refused to go through the security protocols:

She: Can I just take you through the security process?
Me: You can, but you rang me on my home number and that makes me disinclined to answer any security questions. How do I know who you are?
She: Well, I am from **** Bank.
Me: And I am the Prime Minister.
She: Pardon?
Me: It's going to be a long day, isn't it?
She: Pardon?...

From what she said, after we agreed not to discuss my account because "neither of us have established our credentials to the other's satisfaction" (my words...), I reckon that the bank wants to reduce my overdraft facility by a substantial sum.

Has anyone else had "problems" with their current account mortgage?

Litotes
 
#2
What you have to be careful of is that, depending on the lender and product you are on, anything on the 'overdraft' side is an unsecured loan. The mortgage is a secured loan.

It's therefore in the lenders interest ( but not usually yours ) to securitise this by offering an increased mortgage to clear the unsecured part of their lending.

The end result is a hell of a lot better looking on their balance sheets, and they have the added security of being able to scoop your house for the whole debt if you run off ( not likely I hope! ).

IF this is what they are aiming at, and I know it has been pushed by some lenders, then be very wary.
 
#4
Enigma266 said:
http://www.timesonline.co.uk/tol/money/property_and_mortgages/article6815150.ece

I knew I remembered reading something about it somewhere, Litotes. Have a quick look through this as it may give you an indication as to what exactly there are up to!

E x
I hadn't seen that, so thank you very much. That makes sense of the approach from my bank!

Wait Out!

Litotes
 
#5
Litotes said:
She: Can I just take you through the security process?
Me: You can, but you rang me on my home number and that makes me disinclined to answer any security questions. How do I know who you are?
She: Well, I am from **** Bank.
Me: And I am the Prime Minister.
She: Pardon?
Me: It's going to be a long day, isn't it?
She: Pardon?...

From what she said, after we agreed not to discuss my account because "neither of us have established our credentials to the other's satisfaction" (my words...), I reckon that the bank wants to reduce my overdraft facility by a substantial sum.

Has anyone else had "problems" with their current account mortgage?

Litotes
excellent!! LOL
 

Grownup_Rafbrat

LE
Book Reviewer
#6
I love these conversations at the moment. I keep getting calls for my landlord from BT, British Gas, etc., which I assume are them trying to get his custom back (largely because they say they want his custom back).

They usually go

Me: 'Hello'
Them: 'Is that Mrs S?'
Me: 'No'
Them: 'Is Mrs S there?'
Me: 'She doesn't live here.'
Them: 'Do you have her contact details?'
Me: 'Yes'
Them: 'Yes?'
Me: 'Oh, do you want them?'
Them: 'Yes please.'
Me: 'Well I can't let you have any information due to the Data Protection Act. I can pass on a message and get her to contact you if you like.'
Them. Stunned Silence.
Them: 'Well I'm xxx from BT/BG/Power COmpany/Insulation Company and I'd like to talk to them about ....'
Me: 'Could you give me a contact number to pass on?'
Them: 'Well, no. It's an outbound call centre.'
Me: 'Well, I think that means this call has to end, then.'
Them. If they last that long. 'Yes I suppose so.'

Causes me hours of entertainment, and makes up for the cr@p I got from TV Licensing yesterday when I tried to be helpful!
 
#7
Thank you for the advice, everyone.

I rang them on Friday, and when I was told that they wanted to review my overdraft facility, I told them that I was thnking of doubling it because I was planning to build an extension.

It all went quiet and I now have the number of the Account Mgmt Team.

I wonder...

Litotes
 

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