Barclays Bank Base rate - Change of Definition

PeterBalham

Thanks for highlighting your T&C Samuel. I guess Barclays are not going to be able to get out of this but I guess its a case of wait and see.
But hopefully they will honor the obvious interpretation of the T&C.

I notice that on the internet site betfair pople are betting that there is more than a 50% chance rates Based rate will fall to 1.5% or less in January

foreversummer

Had a reply from Barclays/Woolwich regarding this issue.

They state: (when asked about the new wording on the website)

"There has been no change to that position, it remains the same as it always has. Although BBBR has always followed BoEBR there has never been a guarantee."

When asked specifically if they plan to change the BBBR:

"I can tell you that there are no plans for BBBR to not follow BoER. Our position remains the same as it always has on that area."

I guess we will just have to wait and see.

Foreversummer

MarkyMarkD

Funnily enough, there was a story about Barclays/Woolwich's inconsistency on the matter here: http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=140232&d=11&h=24&f=254

philgods

All references to the Barclays Bank Base Rate in your offer document.......................should be taken to be references to the Bank of England Base Rate.

This is the statement on their website prior to the change of definition of BBBR. I can't see how they can contest this. Sorted.

foreversummer

Hi philgods

Don't suppose you have a link to this page by any chance. I've found this:

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=articleFWgroup&site=pfs&value=8703

Foreversummer

TechnoBoy

http://www.woolwich.co.uk/mortgages/mortgage-glossary.html

Barclays Bank Base Rate
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.

I will be very cross if they move the goal posts - we took a risk with trackers and just because the see-saw is in our favour it at this moment in time it would be unfair to change the T&C's.

mlansell

TechnoBoy wrote: »

http://www.woolwich.co.uk/mortgages/mortgage-glossary.html



I will be very cross if they move the goal posts - we took a risk with trackers and just because the see-saw is in our favour it at this moment in time it would be unfair to change the T&C's.

They would be mad to try to stitch up existing customers. Mortgages typically last 25 years; the current low interest rate regime will last two or three years at most. They should take the longer view.

There's no point anyone making a fuss until there is something to make a fuss about - the day they fail to pass on a cut is the day my s*** will hit their fan. For now, they are playing fair - the BBBR will be following the BoE rate down to 1.5% as of tomorrow.

simmotech

See also this post for more information, forums.moneysavingexpert.com/showpost.php?p=46187043&postcount=161
(Sorry for manual link - apparently I'm still considered a new user after 2 years)

I am offering cash to anyone who can supply a copy of these Mortgage Conditions/KFI since I didn't get a set, Barclays refuse to send me a copy (from 2006 ish) and are implying that they don't exist with that wording!

This has been with the Financial Ombudman for many months but Barclays are not co-operating and I need a copy URGENTLY (next few days) or the Ombudsman is going to close my complaint.

Cheers
Simon