Woolwich/Barclays merging

zolablue25

I received some documents trough the post today regarding the merging of the Woolwich with Barclays. We have an Open Plan Flexible mortgage with associated savings accounts, but it would appear from the documentation sent today that the savings accounts will no longer be able to be used to offset the mortgage!

I don't know whether you couls put all of your money into the current account and have that work to offset the mortgage or not yet.

Does anyone have any more information as to how this merger will affect people on offset mortgages?

Cheers

UK007BullDog

Best is to call them and ask them. As far as I have been told unofficially your accounts should be moved over to Barclays and everything will stay as before.

Barclays also do Offset mortgages but just having it in a normal savings account would not work. It has to be an offset account.

I think best is to call any number in that letter to get a confirmation of what they are doing.

little_princess

Hi zolablue25 did you manage to find anything out?

johna999

I have an openplan offset with Barclays/woolwich. All \my savingscurrent accounts are with Barclays and the mortgage with Woolwich. I offset current, easy save and my ISA. Works well.

pusscat

Any news?
Thanks

Puss

little_princess

zolablue25 wrote: »

it would appear from the documentation sent today that the savings accounts will no longer be able to be used to offset the mortgage!
Cheers

I have just telephoned the Woolwich today and spoke to a very helpful lady who said that nothing should change and that the savings pots should continue to be offset against the mortgage (lets hope she's right!)

If anyone has heard anything different could you please post it here.

Thanks
little_princess

Floods

I have exactly the same problem with them and they tell me that all funds would need to move into current account which is not something I wish to do. I have written to complain but they say they are operating within the financial guidelines. also that I cannot discuss with Barclays until accounts migrate!! To change provider would likely incur a penalty charge and a further arrangement fee for new mortgage!

Floods

they told me this in the first instance saying it was a printing error in their booklet! I asked for this in writing and they have telephoned to say all will NOT stay the same. Offset savings pots will be no longer applicable. All monies need to sit in the current account but they will not discuss (that's Barclays) until the deed is done. We all need to make a stand about this ~ to change provider would incur us in additional fees ~ penalties/arrangement fees.

chivers1977

There will be the savings pot option still when the accounts migrate to Barclays. Up to 12 linked accounts plus Current Accounts plus Mortgage Current Account (reserve account). I work for them and that is what we have in all of our training information.

Rick62

Woolwich was taken over by Barclays years ago (like 10 years plus) they are just doing some rebranding ecercise. If they try to change the trems of your mortgage/account/offset just make a formal complaint then complain to the FOS. I don't see how they can use an internal restructering as an excuse to change a savings account to a current account.