Can The Woolwich Withdraw My Offset Mortgage Facility Mid Term???

Floods

I have an offset mortage with Woolwich and offset my savings accounts agains the interest on the mortgage, thus reducing monthly payments. Recent literature sent to me states that Woolwich will become Barclays and I will not enjoy the same product. When phoning to check, I was told this was a misprint in the literature and not to worry. I wrote asking for this in writing. They have now phoned and said the information I was given was incorrect and indeed my mortgage product will change and my savings accounts cannot be offset against mortgage interest when the two organisations migrate. If I change provider I will incur a penalty charge and no doubt yet another administration charge. Can they do this? What can I do?

Advice would be welcomed.

JoeK_3

The answer to this should be in your original mortgage deed.

Request a copy from Woolwich.

By the way, the Woolwich was owned by Barclays anyway.

JoeK

silvercar

I can't see how your mortgage can be changed like this.

If you change the heading from "barbara" which looks like a personal message to "can Woolwich withdraw my offset mortgage mid term" you may attract the attention of some mortgage advisors.

Rick62

That can't possible be right surely? Woolwich have been owned by Barclays for years, so this is just a branding and cost cutting measure. There is no reason at all this should affect your Offset facility. If it does you would, IMHO have a clear case for the FOS (along with all their other offset customers).