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A quick warning: rate cuts will not be automatically applied
SemiSkint
Posts: 2 Newbie
Up to now, The Woolwich [Barclays] let us know in advance if the repayments on our tracker mortgage was to be reduced. This time (according the person on the Barclays helpline) mortgage owners will have to apply to the Woolwich to claim the lower rate. When I explicitly asked for confirmation of the change, the assistant re-stated that I would have to ask for the lower rate to be applied to my account. The rate reduction from the 1st of December will NOT be applied automatically. If you don't ask for the reduction to applied to your account, you will be overpaying your mortgage.
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