Check Woolwich Off-Set

The_alchemist_3

Following my light bulb moment - switched on solely by the resources this site provides - I chose to review our finances and in truth didn't understand most of it :think: but it seemed to me that the Off-Set wasn't doing what I thought it was meant to.

Being self-employed we were using the saving accounts ("pots") you can set up to off-set interest gained against the mortgage interest but the impact seemed disappointingly small. So I decided to give them a call ... it transpires that NONE of the savings pots were linked to the mortgage and therefore we were not benefitting from the savings that were in the savings accounts. Just thought those of you with this account might want to know - although I'm guessing you are more savvy than I am !!

I have to say that the call was brilliantly treated by Barclays/Woolwich who actually apologised and promised to re-calculate the mortgage for the 12 months since creation and inform us what the impact will be ... I'll let you know.