Barclays/woolwich Tracker !!

Rikki

Barclays have used the Bank of England base rate since the1930's and they don't see any change from that, but they can if they wish.

Personally I'd stop worrying ,the rate is good for anyone who has a tracker mortgage.

pfpf

thanks to MSE user Foreversummer who posted this link on another thread.

http://www.guardian.co.uk/money/2008/nov/01/mortgages-property

Woolwich Mortgage holders (Tracker) along with RBS and Abbey, are in a good position according to the article.

But it is better luck if you're with Abbey, RBS or Woolwich. They all said this week that their tracker rates would go as low as the BoE base rates dared

Casual

TotallyBroke wrote: »

I have had a Barclays/ Woolwich tracker mortgage for the past 9 years and I have never notice them not to pass on every rate drop and rise. I received a letter this month telling me my payment will drop by the 0.25% drop that happened last month and I will expect a letter next month to tell me that December's payment will drop by 1.5%.

Yes, I got the same letter last month and I'm expecting another letter this month.

Although I called them up today just to hear some good news and they said they weren't 'obliged' to pass the discount on. I'll be spitting blood if they don't though!

sburt4

Can anyone explain this situation though
"Barclays Bank Base Rate follows the Bank of England Base Rate, which can go up or down and is announced by the Bank of England's Monetary Policy Committee every month"
Where does it say ... unless teh rate drops in which case we are not obliged to follow BoE

Trying_to_be_good

Barclays/Woolwich phone line (0800 022 4022) now confirming existing tracker customers WILL see their interest rate reduced by 1.5 percentage points from 1 December, i.e. Barclays Bank Base Rate (BBBR) will drop in line with BoE Base Rate to 3%.

Decision on SVR (i.e. non-tracker mortgages) to follow.

cheesemason

Trying_to_be_good wrote: »

Barclays/Woolwich phone line (0800 022 4022) now confirming existing tracker customers WILL see their interest rate reduced by 1.5 percentage points from 1 December, i.e. Barclays Bank Base Rate (BBBR) will drop in line with BoE Base Rate.

Decision on SVR to follow.

Whats the difference between SVR and the BBBR? Pretty sure I am linked to the BBBR on a lifetime tracker though...

foz2000

Trying_to_be_good wrote: »

Barclays/Woolwich phone line (0800 022 4022) now confirming existing tracker customers WILL see their interest rate reduced by 1.5 percentage points from 1 December, i.e. Barclays Bank Base Rate (BBBR) will drop in line with BoE Base Rate.

Decision on SVR to follow.

I too can vouch for that, but its a bit conflicting as when i got through to an advisor to change my d/d payments she said that they are still considering cutting the rate.

Hopefully just typical assistants not knowing.

TotallyBroke

Your direct debit amount will change automatically as far as I am aware. I have never had to change mine. The letter I receive normally says that the rate has dropped by ?% and therefore from XX date your payment wil be £XYZ.00 per month.

I think you will only need to change if you have a standing order rather than a direct debit

warped

i have always had to call up to get mine adjusted otherwise i end up overpaying - which isnt a bad thing but id rather have the extra cash lol

mine tracks the bbbr so fingers crossed

im hoping that the advisors are only saying "we dont have to" because they dont want to confirm that they will as those are their instructions

lulu999

I had a discussion with my account manager at Barclays the other month concerning all sorts of things including what would happen to my mortgage if the bank went under and it was taken over by another bank. He was of the opinion that they could vary the terms (I'm currently on BBBR + 0.18% for the term). I argued that they couldn't, they had to take my mortgage with the same terms. Ignoring what BBBR would be replaced with, he replied that they could, ultimately, quite simply, just ask for their money back!

Read your terms and conditions, there's almost certainly an 'on demand' clause in there somewhere! Not that they would (?), but we live in strange times!