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Barclays Crack Down On Borrowers Who Move
Pimperne1
Posts: 2,177 Forumite
Can't see it on the web anywhere but in The Times today with above headline Barclays have changed their portability rules from being able to port the mortgage at any time within six months of selling to within one month of selling.
I know that some bears will be happy that this will inconvenience homeowners but it really is going to be a problem for people who cannot make their house moves almost immediate.
To be fair its only their current mortgage deal that cannot be transferred after the one month period but having to take on a new deal and pay arrangement fees is certainly a much worse situation then hitherto. Not sure if I received any literature on their "porting" rules but I doubt it included the six month period (probably used some wording such as "at our discretion").
They still apparently have some people on lifetime trackers of 0.17% above the base rate so they are probably keen to get rid of as many of these as they can.
Anyhow, this might be useful for anyone with a Barclays/Woolwich mortgage to consider. Now that I know about it I will certainly be very careful should I decide to keep my excellent Woolwich tracker.
I know that some bears will be happy that this will inconvenience homeowners but it really is going to be a problem for people who cannot make their house moves almost immediate.
To be fair its only their current mortgage deal that cannot be transferred after the one month period but having to take on a new deal and pay arrangement fees is certainly a much worse situation then hitherto. Not sure if I received any literature on their "porting" rules but I doubt it included the six month period (probably used some wording such as "at our discretion").
They still apparently have some people on lifetime trackers of 0.17% above the base rate so they are probably keen to get rid of as many of these as they can.
Anyhow, this might be useful for anyone with a Barclays/Woolwich mortgage to consider. Now that I know about it I will certainly be very careful should I decide to keep my excellent Woolwich tracker.
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Comments
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If I was a Barclays customer affected by this I think I'd be on to the FOS. The portability of a mortgage is a significant incentive and to go back on the agreement like this seems pretty off.0
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