woolwich lifetime tracker mortgage

payless

Barclasy Br = BofE
http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=popup1group&value=15396

m17936

Is it possible to extend the term from 15 to 30 years on the same barclays product? i bought my house a year ago, then i had to move because of my job and i won't go back there ever, actually in august i am moving to australia for a year. i would like to reduce the repayments to a minimum and offset what i gain from the rent of the flat towards my rent in london where i work now. eventually i will sell the property as soon as the market picks up again.

payless

sounds to me maybe you are trying to justify the move ( to extend amount / term)

---
edit I typed the above without seeing your last reply as crossed...


why not ask them

lulu999

m17936 wrote: »

Is it possible to extend the term from 15 to 30 years on the same barclays product? i bought my house a year ago, then i had to move because of my job and i won't go back there ever, actually in august i am moving to australia for a year. i would like to reduce the repayments to a minimum and offset what i gain from the rent of the flat towards my rent in london where i work now. eventually i will sell the property as soon as the market picks up again.

If you're not interest only, then change to interest only, £50 admin fee, very easy and the lowest payments.
If you're interest only then changing from 15 to 30 years won't make a bit of difference to the amount you repay.

mrzrj1

I was surprised to see that the e-mail post by old git on this Forum in November was a copy of one that I posted on Moneysupermarket.com forum site on October 24th. This was my text so judge for yourself.

Moneysupermarket.com text

Whilst I am very happy to have switched to a Woolwich Lifetime Tracker at 0.18% above Barclays Bank base rate last autumn, I am surprised at some of the features of this product that were not stated in my Mortgage Offer. The problem areas are
(1) although the interest rate charged changes on the first of the month after a Barclays Bank base rate change, your mortgage repayment does not actually change until the mortgage year end which is September 30th. This means that when bank rate falls you are repaying more capital for the rest of the mortgage year, rather than having your mortgage payment reduced automatically.
(2) I found out by chance that you can call and ask for your mortgage repayment to be "manually recalculated" after a change in the bank rate but this has to be done each time there is a change in bank rate. Given the sophistication of computer software today, this arcane process is a completely unneccessary imposition on customers.
(3) Although I was informed that the mortgage year end was September 30th 2008, my expected reduction in mortgage repayment as a result of the February and April 2008 bank rate changes will not begin for some reason until my November 2008 repayment.
(4) The Woolwich website describing their Tracker Mortgages states "So when Barclays Bank Base rate falls, your monthly repayments fall. If the rate rises, so will your montly mortgage repayments". This does not fit my experience.
I would be very interested in hearing the views of others on this mortgage product.

*****************************************************

moneysavingexpert.com text,

m17936 wrote: »

Whilst I am very happy to have a Woolwich Lifetime Tracker at 0.18% above Barclays Bank base rate last autumn, I am surprised at some of the features of this product that were not stated in my Mortgage Offer. The problem areas are

(1) although the interest rate charged changes on the first of the month after a Barclays Bank base rate change, your mortgage repayment does not actually change until the mortgage year end which is September 30th. This means that when bank rate falls you are repaying more capital for the rest of the mortgage year, rather than having your mortgage payment reduced automatically.

(2) I found out by chance that you can call and ask for your mortgage repayment to be "manually recalculated" after a change in the bank rate but this has to be done each time there is a change in bank rate. Given the sophistication of computer software today, this arcane process is a completely unneccessary imposition on customers.

(3) Although I was informed that the mortgage year end was September 30th 2008, my expected reduction in mortgage repayment as a result of the February and April 2008 bank rate changes will not begin for some reason until my November 2008 repayment.

(4) The Woolwich website describing their Tracker Mortgages states "So when Barclays Bank Base rate falls, your monthly repayments fall. If the rate rises, so will your montly mortgage repayments". This does not fit my experience.

I would be very interested in hearing the views of others on this mortgage product.
i am also thinking to switch to the HSBC tracker rate, what do you think? should i stay with barclays or mve to hsbc? I would like also to extend my borrowing by 10000 pounds and extend the term from 15 to 30 years.

TotallyBroke

mrzrj1 Old git did not post this, he merely replied to it while quoting.

m17936 actually started the thread with what looks to be same as your thread that you started on moneysupermarket.

Well arn't you lucky you now two lots of opinions to your question :rolleyes:

m17936 I am not sure you will be able to keep the same woolwich product. Because you want to leave and rent it out while you go to oz.
You therefore will need a buy to let mortgage.

Rikki

I spoke to the woolwich this morning. They have a pre recorded message which says:-

Tracker interest only mortgage the recent 1.5% rate change is effective from 1st December

Tracker repayment mortgages the rate changes will be reviewed at the end of your mortgage year

Tracker part interest only and part repayment mortgages will be advised of their new monthly rate in writing.

I think the repayment terms are pretty standard.