woolwich tracker mortgage ,is this correct.

Old_Git

I have a woolwich tracker mortgage .I received my annual statement dated 7th October .
The interest rate was 5.18%
The new rate from November is 5.18% (same as before ) but my repayments have increased slightly .
Also have woolwich passed on the recent interest rate cuts ?

opinions4u

What does your tracker track? Bank of England rate?

What is the differential rate over and above what it tracks?

When did it start?

How long did it track for?

Old_Git

it is suppose to track 0.18 above woolwich /barclays base rate .
Started in May 2007 .Lifetime tracker .

hughmungas1986

Hi there,

I have a Woolwich / Barclays lifetime tracker which tracks at 0.27 above the banks own rate. I rang them last week and they told me that my rate will drop to 4.50% + 0.27% from the beginning of November. They also told me that they were adjusting the monthly payment accordingly, so I requested that they leave my payment as it is. I received a letter this week to confirm that this has been done.
I would ring them tomorrow and find out exactly what is going on with your mortgage account
Hope this helps

hugh

lisyloo

I received my annual statement dated 7th October .

The BOE changed their base rate on 8th October.
BBBR is 4.5% from 9th October which you can find by going to their website.

So my money is on the fact that your statement was produced jsut before the rate change.

minimike2

The Woolwich trackers track base rate, but your payments are only adjusted annually unless you ring them after every base rate change. There were rate rises within the last 12 months, as well as cuts, so this will be reflected in your new payments.

Old_Git

minimike2 wrote: »

The Woolwich trackers track base rate, but your payments are only adjusted annually unless you ring them after every base rate change. There were rate rises within the last 12 months, as well as cuts, so this will be reflected in your new payments.

the thing is they have adjusted my payments everytime the rates went up or down ,its just this time I have received my statement and the adjustment is upwards (slightly ) but no mention off the latest rate cut .According to the statement there have been no increases in the past year just rate cuts .

amandajo

I'm confused about this too ... it is clear as mud given the lack of explanation within the accompanying letter. I'm on BBR + 0.17%, I think some folks got the BBR +0.09% which proceeded this. Those that got this deal, I salute you!

Premierwolf

Ok so Ive got an offset tracker with the Woolwich (lucky me:beer: ) and I recieved my statement today.Now I gather from previous threads that payments are only adjusted every 12 months however my my mortgage rate has not changed on my statement even though there have been two interest rate cuts. I want to maintain my current payments as I am trying to reduce the term of the mortgage but am I losing out by not contacting the Woolwich . According to my statement I am still paying interest at 2% above the current rate ,so am I losing out by not contacting them or will my balance be adjusted accordingly over time??

Thanks in advance for any reply

getmore4less

Premierwolf wrote: »

Ok so Ive got an offset tracker with the Woolwich (lucky me:beer: ) and I recieved my statement today.Now I gather from previous threads that payments are only adjusted every 12 months however my my mortgage rate has not changed on my statement even though there have been two interest rate cuts. I want to maintain my current payments as I am trying to reduce the term of the mortgage but am I losing out by not contacting the Woolwich . According to my statement I am still paying interest at 2% above the current rate ,so am I losing out by not contacting them or will my balance be adjusted accordingly over time??

Thanks in advance for any reply

With the offset you get interest added on the 1st and any payments are usualy made on the 16th there is nothing to adjust, you need to check your monthly statements, they have the daily interest rates used on them.

If they are wrong ie not tracked then you will probably need to get the interest recalculated. the cuurent rate cut will not show from Dec.

The annual statement should have a table of rates used over the previous year.

bobbydrake50

Premierwolf wrote: »

Ok so Ive got an offset tracker with the Woolwich (lucky me:beer: ) and I recieved my statement today.Now I gather from previous threads that payments are only adjusted every 12 months however my my mortgage rate has not changed on my statement even though there have been two interest rate cuts. I want to maintain my current payments as I am trying to reduce the term of the mortgage but am I losing out by not contacting the Woolwich . According to my statement I am still paying interest at 2% above the current rate ,so am I losing out by not contacting them or will my balance be adjusted accordingly over time??

Thanks in advance for any reply

You will not lose out - you will just pay more off the amount owed while the interest rates are below what is your current rate. I am also in the same boat and not sure whether to ring them and have it adjusted and make overpayments when I can (or use this to pay more of credit card) or leave it as it is. As long as the interest rates remain low you would find that end of next year your payments would go down a fair bit.