Barclays Mortgage Current Account Reserve

Winterfreak

I am after some advice re Barclays/Woolwich Mortgage Current Account Reserve.

My Husband (who is the sensible one with money) has about £25000 outstanding on his mortgage. There is quite abit of equity in the house, as he paid £38000 and the house is worth £110000.

We need a new roof and a few other things which total about £10,000.

Do you think the Mortgage Current Account reserve be a good option??? I can't seem to find any info re interest rates, setting up fees etc.

My husband has a very good credit rating, so a personal loan could be another idea??

Any advice would be greatly appreciated.

getmore4less

What does your husband say?

Asume you have Barclays mortgage with a reserve allready

It is all in your T&C's

What's the OD limit on the reserve it will tell you on-line or on the statements.

If you have an offset mortgage it is at the mortgage rate if not it is SVR.

Dave_the_Ginger_Cat

I had one of these, and both the mortgage and associated reserve was at base + 0.83% on a base rate tracker, so it was a very good rate at which to borrow.

Depends what rate your mortgage is on - there were many different options and Barclays will be able to tell you. You should also be able to see this online if he has access or on statements

getmore4less

Dave_the_Ginger_Cat wrote: »

I had one of these, and both the mortgage and associated reserve was at base + 0.83% on a base rate tracker, so it was a very good rate at which to borrow.

Depends what rate your mortgage is on - there were many different options and Barclays will be able to tell you. You should also be able to see this online if he has access or on statements

VEry supprised at this.

Normaly it is SVR for reserves not with offsets.
http://ask.barclays.co.uk/help/mortgages_homes/reserve_work

For Woolwich flexible mortgages, interest is charged on a Mortgage Current Account at the Woolwich Standard Variable Rate except for Offset mortgages where interest is charged at the Offset mortgage rate. For Offset mortgages only, interest due on a Mortgage Current Account is charged to the Main Mortgage account (for interest calculation purposes).
All borrowing on a Mortgage Reserve is on an 'interest only' basis.

By the way the fee is £150 to reviewset up a bigger reserve.
http://www.woolwich.co.uk/tariff-of-charges/assets/pdf/tariff-of-charges.pdf

Winterfreak

Thank you both for your replies. First Time I have posted and was worried I wouldn't get a response. Thanks again