Woolwich Mortgate Reserve Account

robbin1

My balances are also combined on my statement - it shows firstly the mortgage balance, then the linked accounts balance (Reserve amount owned less the balance in my normal account), then the total outstanding charged at 1.45%.

It sounds to me as though they've done a mailing and included the offset customers by mistake, but I'll be checking with them and I'll update shortly so we're all clear. They still advertise it on the Woolwich site as being charged at the mortgage rate for offset customers only, and they can hardly advertise that when they're about to change can they?

Wilfieboy

I thought it was happy days when they answered (letter in my first post above) me two weeks back. Now with this one like Robin i haven't got a clue what I'll be charged on my reserve. Not in a position to reduce it either at the moment. For the first time since 2004 I took advantage of my product and I wouldn't mind I actually phoned them in September 2009 before I used my reserve to check how the rates work. Nobody told me changes were going to be made....

robbin1

Hi again

I've called Barclays today and spoken to somebody called Andrew who says a letter detailing the rate change to the Reserve current accounts was included in Mortgage statement envelopes, but as it doesn't apply to Offset mortgages it wasn't enclosed in mine. The letter I've had was sent to everyone because T&Cs have changed, but the interest rate it mentions of 4.49 above BofE rate doesn't apply to Offset mortgage reserves as they remain on the same interest rate as the Offset mortgage. So, for those of us with the Openplan or Offset mortgage, the outstanding balance in the Reserve is calculated at the same interest rate as our main mortgage as per Andrew.... 0800 022 4022, call timed at 15.35!!

Wilfieboy - if I get the letter you mentioned you received yesterday, I'll be back on the case. I would suggest you call too just to confirm. I only waited about two minutes for an advisor and he seemed to know the answer and acknowledge my confusion straight away without referring elsewhere.

Hope this helps.

Wilfieboy

Well hopefully that's good news! the new letter sent out to me was on it's own with nothing else included i.e statement etc and was dated 25th Jan 2010.

Just strange how the sequence of the letters was sent out to me and it sounds like they have had a few phone calls on the matter.

Fingers crossed that's everything sorted....If not i'll be back!!

Cheers