Woolwich- Now Barclays

Kingy70

Can any one advise or had a similar experience. I orginally took my mortgage with Woolwich over 14 years ago and I had a offset fleximortgage. The product provided a flexible approach to savings, off setting, over payments and a low rate reserve facility. The mortgage rate was to be + 0.75% over the Bank of England Base rate. I ported the mortgage 11 years ago to borrow more money. Over the last few years we have used the reserve which is charged at 1.09% for using. I now wish to move house and barclays have now stated that this no longer the case. To remortgage I have to pay my outstanding mortgage of £94,00 at 1.09% and the reserve £34,00 at a negotiated rate ??? Barclays stated they cannot comment on what the rate may be. I have to make an appointment with a mortgage adviser who will assist. This was not as the original agreement with Woolwich. I expected to pay the full outstanding mortgage and reserve at 1.09%. They have also confirmed when I re-negotiate the new mortgage the off set facility and reserve will be removed, but they are willing to look at new borrowing at 1.09. Surely this cannot be the case.

Any advice and or support from the team or members who may of had a similar experience would be greatly appreciated.

Thrugelmir

There's no automatic right to porting the terms of a mortgage. Unless it forms part of the contractual terms.

Not unsurprisingly lenders wish to rid themselves of loss making business. So if you want to move you'll have to accept the terms on offer.

Alternatively stay put and make hay while rates are low. Keep saving and ultimately borrow less.