Woolwich withdraw 4.69% Lifetime Tracker?

Craig_A

Just spoken to my mortgage broker guy who informs me that the Woolwich are to withdraw the very interesting Lifetime Value Tracker deal as of close of play tomorrow. I do not know what they intend to offer in it's place or any further details but I have made an appointment for tomorrow evening to get the application sorted. If you were looking for that same deal I suggest that you do likewise!

Bennifred

That's very strange! I was talking directly to the Woolwich about this very product only yesterday and asked specifically how long it was likely to be offered. (My current fixed rate with the Woolwich runs until end of August). They said that it wasn't likely to be withdrawn for the forseeable future and that I should be fine to get back to them about it in early July! More than one advisor said the same thing, as I spoke to people in different departments about various matters. Hope your broker is wrong, for my sake:p . Anyone have any further information about this, please?

stanmoresaver

It's Friday for the woolwich actually- but the broker has to submit it and do all his paperwork-

I've had exactly the same conversation with a client of mine today who has brought our meeting forward.

They have announced there replacement products which aren't as good- but that's for your broker to advise you.

HTH.

SS

Craig_A

As I say, no more information, unfortunately. All he said was that he had received communication from the Woolwich saying the very product that I was interested in was being withdrawn as of close of play tomorrow. It seemed very sudden to me too, especially as it is still advertised on their website, but I can't see why he'd make it up as I had just told him I wanted to move things on and come in on Friday and sign the application. Hopefully he was simply confused about it somehow (though this is somewhat worrying if I'm about to get him to process the application!) Unfortunately I can't really find anything else out until tomorrow when I see him. Maybe it'd be worth someone, who has been dealing direct, phoning the Woolwich and double checking?

Craig_A

Ah, thanks Stanmoresaver. At least I know he's telling me the truth! After spending half of today trying to get o2 to cancel my mobile contract that is somewhat alien to me right now

Bennifred

Well, I'm a bit miffed about this to say the least:mad: . I know Woolwich are renowned for getting things wrong, but this takes the biscuit! I'll have to ring them in the morning to see if it is now too late for me to reserve this product for transfer in August.........grrrr! I spent ages on the phone to them yesterday about this, either they didn't know or they were fibbing, but why would they do that?!

Craig_A

I gotta be honest - I dont think the people on the end of the phone would have known. My broker didn't know until this afternoon and he had spoken to them only yesterday to clarify a couple of points on my behalf.

At what stage are you? Are you ready to apply? If you are then you'll be fine as long as you get your application filed by tomorrow evening or, as has been stated above, Friday. Once the application is filed then that is enough to reserve the current offer (presuming that we meet their lending requirements, of course)

Hopefully any interested parties will see this note and get in touch with them in time to get the deal.

stanmoresaver

Bennifred wrote:

Well, I'm a bit miffed about this to say the least:mad: . I know Woolwich are renowned for getting things wrong, but this takes the biscuit! I'll have to ring them in the morning to see if it is now too late for me to reserve this product for transfer in August.........grrrr! I spent ages on the phone to them yesterday about this, either they didn't know or they were fibbing, but why would they do that?!

My Woolwich rep told be that he thought they would probably run this product until August- but at 0.19% over base there isn't much in it for them- and, if demand outstrips the lenders ability to process then they replace it to stop the backlog building up!

These desisions are made at short notice.

Bennifred

Thanks, people! At least now I'm in with a chance of grabbing the deal! Would have sorted it yesterday but for the fact that they said no rush, ring back closer to end of fixed rate:rolleyes: . Thanks again for the heads up!:A Will let you know how I get on (good job it's half-term and I'm off work, so time to sort it)

Bennifred

Update: Went in to the Woolwich this morning to apply for the Lifetime Value tracker, which is still being advertised both on TV and on boards in the branch. Apparently the new offer is still being called the Lifetime Value tracker, but it is now 0.1% higher than before. Wouldn't let us apply at the old BR+0.19% unless we proceeded immediately, and we have a hefty redemption fee until our current fixed rate ends in August, so we've agreed to the "new" offer, which will be held until the fixed rate expires. Not signed anything yet, as they are sorting the paperwork, so will still be keeping my eyes open for good deals, but this Woolwich tracker still seems to fit our requirements even at the increased rate. Good luck to anyone else pursuing this one!

meanmachine_2

Yes, when the brokers on here say that an offer has been "withdrawn", normally that just means it's been replaced with a higher rate equivalent!

So yes, the tracker is still available but now at 4.79%, or 0.29% above base rate.