Old Woolwich/Barclays offset mortgage/account

zolablue25

Not sure whether this should go in bank accounts or mortgages, so if it needs moving then I understand.

About 12 years ago I opened a Woolwich offset mortgage with a Woolwich current account. Over the years I maanged to overpay the mortgage so tha the amount outstanding was less than my agreed mortgage. When this was all at the Woolwich I could borrow the overpayed amount back again should I need to at the same rate as my mortgage, which was a really useful option to have. Now Barclays have the current account having bought out the Woolwich some years ago and I am not sure whether this facility still exists. Does anyone on here that either has one of these accounts or who works for Barclays know whether this arrangement is still in place or have Barclays quietly shelved it? I would ring Barclays and ask but have always found their telephone customer service personnel rather confused on previous Woolwich customers.

Thanks

getmore4less

If you check the mortgage current account statement or on line it will show as an overdraft limit.

If the mortgage is offset you should get monthly statements and any borrowing(use of the OD) should be at the mortgage rate.


The mortgage cuurent account should be in the list of offset accounts on the statement.

zolablue25

Thanks GM4L. I noticed the overdraft limit, but the word 'overdraft' scared me a bit. Those babies can be expensive! If that is OK to borrow at the same rate as my mortgage then there is no problem, I just wanted to avoid being charged proper overdraft rates for it!