Woolwich Offset Mortgage

middlecat

Hello,

A very quick question for those who has a Woolwich offset mortgage. As I understand it, the mortgage comes with a current account and a savings account.

Can I check when would those be opened? Is that before exchange, after exchange or after completion?

I am trying to plan out when to start moving my funds into those accounts.

Many thanks!

getmore4less

Exchange is irrelevent for the mortgage probisor they are only interested in when the funds are drawn down and that is just before completion.

I allready had accounts with barclays so they just linked them in the open plan with the new mortgage and cuurent accounts.

You should get a mortgage current account at the same time the mortgage account is setup.

I would try to get your on-line access sorted in advance it will make things a lot easier.

hcb42

My current account was opened before we completed , you will know as you will get your bank cards

middlecat

@hcb42, getmoreforless: thanks for your responses.

I guess Barclays will only open the accounts after I officially "accept" the mortgage offer by returning the mortgage deed?

I have received the mortgage offer last Friday but am still waiting for my solicitor to send through the mortgage deed etc.

I am hoping to renegotiate the price with the vendor based on some works that need to be done. Can I accept the mortgage deed with the original price before then?

hcb42

I would get the deal done first..

middlecat

hcb42 - you are right, that's what Woolwich recommended too. No point signing the mortgage deed if the numbers are not right.

Incidentally, I found out that the mortgage current and savings accounts are both opened immediately after the mortgage offer is given. I can start using the accounts and do not have to wait for completion. I thought this might be useful information for people with the same query.

hcb42

Personally, I wish the WW didnt do this current account thing. I didnt want it, but got it. Appear to have a small overdraft facility which I also didnt want, and as we also made my hubbys current account joint I now have two new barclay bank cards, neither of which I actually use.

however, the deal was good so I will suffer them!

middlecat

Agreed that the deal was pretty good, which is why I put up with paying £1499 for the product fee, an expensive survey and the pain experienced through their mortgage approval process.

hcb42

OUCH!!!

I had no fee, £300 cashback, legals paid (remortgage) and no survey fee, and quick process!

middlecat

Oh dear, when did you sign up for the product? Are we talking about the same product - Woolwich offset mortgage?

Maybe times have changed? Maybe that's the difference between a new mortgage and a remortgage?

hcb42

it was a remortgage, completd in march...i think it was called Great Escape...rate is 3.28 fixed for 2yr

EDIT, It wasnt intended to be an offset, as far as I know. I havent offset any savings to it anyway.