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  • FIRST POST
    jonjoe1969
    What is Barclays Bank Base Rate?
    • #1
    • 5th Sep 07, 6:49 PM
    What is Barclays Bank Base Rate? 5th Sep 07 at 6:49 PM
    I've just completed on three tracker mortgages with Woolwich (one residential tracking at 0.18% over base, two buy to let at 0.49% over base).

    I got back from holiday to find that all three had completed while I was away and I saw a reference in the completion documents to them tracking above the Barclays Bank Base Rate (BBBR). I've checked the key features document I referred to when I made the application and it clearly says that they would track over the Bank of England Base Rate.

    I've got to decide whether to complain; and that will involve looking at all the correspondence including the key features, the offer letter etc to see when the change occured. Woolwich certainly didn't clearly draw this important change to my attention.

    But that's not the point for now. My question is what is the BBBR? If it historically has always mirrored the Bank of England base rate then my problem isn't likely to result in me losing money. But if the BBBR fluctuates differently to BoE base rate then I'm going to be deeply unhappy.

    I suspect the bank made this change to deal with small short-term fluctuations in the availability of inter-bank funds in which case BBBR will nearly, but not quite, always mirror BoE base rates. So, I might generally not see much, if any, difference. I know that the current rate for BBBR is 5.75%, same as the BoE base rate.

    BUT - I have tried doing some research and can't find any historic data on what BBBR has been and whether it has mirrored, or nearly-mirrored the BoE base rate. Can anyone help?

    Thanks

    JJ
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