Hi Nemo1.

I don't see any immediate issue.

The longer-term threat might be if new commitments taken on after the trust deed started made it impossible to keep up with the payments into the arrangement.

Yes I see what you mean. I would need to borrow £265 from the reserve. And would plan to pay back maybe between 20-30 a week.. It'd mean doing an even stricter food budget and not having any days out with the kids for a bit, but I think doing the course would be of benefit in the long run..

Is there a bit of flexibility as to how quickly you have to repay the sum if circumstacnes dictate?

As far as I know there is no time limit on paying the money back in as it is part of my mortgage account?

These types of multi-functional mortgages vary quite a lot Nemo1.

If you're uncertain give them a call to check on the ramifications of using the reserve element.

Will do, thanks again!

I spoke to Barclays about the mortgage reserve. They said there is no time limit on paying whatever I use from the reserve back. The reserve is there to b used for however long we have the mortgage. As long as its paid back before the end of the mortgage term it's fine , which is 24 years away! Although maybe only 3 years away if we manage to remortgage to release the equity in the house.
So I'm right in thinking that it's ok to use the reserve and I'm not breaking any terms of the TD?

Don't want to dampen your spirits, but I don't fancy your chances remortgaging to release funds anytime in the next few years.....

I'd check with your trustee Nemo1.

As far as I can see using the mortgage reserve will reduce the equity in your house? If so they might have a view on that.

Yeah I'm pretty sure the remortgage won't happen and the trust deed will be extended to cover the equity..! I can dream
tho 😉
TDA, if whatever I've used from the mortgage reserve is paid back before my 3 trust deed finishes, then it should be ok no?

Hi Nemo1.

I'd just noticed from your other posts that there is equity in your house that will have to be dealt with.

You may well be right, but if you want certainty I'd suggest checking with your trustee.

Will do, I've sent my relationship manager a rather long email with various questions!
One of the questions I asked, was - I got paid £24 more this month than what I usually do, due to working a bank holiday. Do I just phone WA and make a card payment for this amount over the phone?

I'm not sure what their process will be, but I'm not sure they'll want a payment every time you earn a modest amount extra.

Certainly it's good to keep them informed though.