Dirty Rotten Bast&^ds... Important message for those with a flexible facility.
Brett Alegre-WoodChairman, YPC Group
Hey guys,
Sorry about the title but hopefully it got you to click through.
It appears that the banks are starting to pull or downgrade facilities for credit from investors who have flexible facilities.
I have just heard that Abbey are in my clients words 'They said they had reassessed the value of our home and now feel it is worth less so they are dropping the facility from Â?90,000 to Â?50,000 effective immediately'
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Regardless of what this type of thing will do to your emotional state it certainly could have serious repercussions on your cash flows.
So it may be worth considering your options now in case this becomes more widespread. The banks are quite within their rights to drop the facility although if you have already borrowed the money and it no longer resides with that company they are unlikely to be able to touch you.
If you are not sure how this may effect you or you have an unused facility with any bank or mortgage company it may be time to take action.
One option may be to consider taking the money out from your facility and placing in another financial institution that pays a high rate of interest, especially if you are reliant on the money to cash flow any shortfalls. The best thing to do is give us a call in the office on 0207 812 1255.
Live with passion,
Brett Alegre-Wood
PS. This is the first case I have heard from a client so please don't take it as me saying you should all rush out and drawdown your total facility.
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