Barclays Woolwich new Mortgage offer

Saving_Slade

Has anyone been offered or taken up this new offer of 4.69% tracker for the life of the mortgage with no set up costs, and no redemption fee, no valuation fee and you can move with the mortgage. I asked the barclays man what was the catch and there doesn't appear to be one or is there? Anyone help....

MortgageMamma

No you are right, there is no catch.overall its an excellent product, but you must realise that this tracks the barclays bank base rate (which means you are at their mercy), not the bank of england base rate, so theoretically I would say this is a discount mortgage that can change rates immediately, rather than a tracker.

That said, the barclays base rate has remained identical to the bank of england base rate for some time, but you must understand there is a risk it could move.

If you are comfortable with a variable rate mortgage, this is as good as it gets currently, however, do be prepared for woolwich's absolutely dreadful admin and customer support, and they won't exactly sprint to completion either, but if you are not in a rush to complete I doubt this will bother you!

pennies2pounds_3

Hi again mmamma. Is the stroud and swindon 3.99 a good deal ? any catches ?

MortgageMamma

Hi Pennies

Not familiar with it but will make myself familiar. I suspect it might have an overhang at that rate. Will check out tommorow and come back to you. have had a drink tonight!

joepubli

There is probably a bigger chance that Edinburgh will become the capital of England than Barclays base rate will differ from Bank of England base rate! Its a red herring and probably being confused with their Standard Varibale Rate.

gazza975526570

Im currently in the process of taking up this offer with the woolwich. the deal is a really good deal for us as we are just after a mortgage for a short time whilst purchasing the remaining 50% of a shared ownership property. I have to admit tho as mentioned earlier that the customer support is pretty dreadfull. Now this may be due to shared ownership as half of the ops dont seem to understand it Indeed one guy cut me off as he was so confused!!!!! having said that a good deals a good deal and perceverance will see me through!!!

MortgageMamma

Hi Gazza

Sorry to hear you are experiencing problems with the woolwich, they really do need to get some T & C done with the phone staff. It is an excellent product and I think you'll do well on it. This is the problem though with demotivated underpaid disinterested call centre staff, you will not get any worthwhile response from them. You are just call number 4578 and part of a long tedious day for them. Its not their fault, call centres in general are like that, but the Woolwich should do something to sort the situation out. God only knows how much business they are losing from other brokers such as myself who cannot stand the hassle of placing business with them. I'd rather advise a client to go direct than work with woolwich!

gazza975526570

I think youve hit the nail on the head in that all Call centres are the same. If you treat people like cattle they will behave like it and give generic awfull advise. They are fine for the standard questions but if it something slightly different youve no chance. I await theday we revert back to a personal service........until this day a letter addressed to the Chief Executive seems to do the trick for me!!!!

pennies2pounds_3

MortgageMamma wrote:

Hi Pennies

Not familiar with it but will make myself familiar. I suspect it might have an overhang at that rate. Will check out tommorow and come back to you. have had a drink tonight!

Alright for some - been on nights! It doesn't have any overhang but the fees are £719 plus other stuff which I will find out on monday as am having an interview with stroud and swindon. Look forward to your reply and thanks.

meanmachine_2

The stroud 3.99 is a ONE YEAR fix isn't it?

Waste of time.

pennies2pounds_3

Yes its fifteen months