48k Mortgage Tracker or Fixed Rate? (Repayment)

Rikki

MissScarlett wrote: »

I have a mortgage offer now and It does suggest that payments are reviewed annually, I quote-:

Changes to the base rate during the month will be take effect from the first of the following month. Your monthly payments will be reviewed and any changes will be advised to you at the end of each mortgage year throughout the term of the mortgage.

The plot thickens - are there any Barclays/Woolwich mortgage customers/advisers on a tracker rate that could please clarify the exact position regarding repayments. Do they change as and when the BR changes or once per year?

Changes to the base rate during the month will be take effect from the first of the following month. Your monthly payments will change.


Your monthly payments will be reviewed and any changes will be advised to you at the end of each mortgage year You will receive a letter at the end of each year showing when these changes have taken place on the account.

It is a yearly statement showing monthly payments, interest rates and outstanding balance.

MarkyMarkD

Not sure what you were trying to say there, Rikki. It didn't help though IMHO.

Let me rephrase what I think you wanted to say.

Changes to the base rate during the month will be take effect from the first of the following month. The rate at which interest is charged to your account each month will change following a base rate change.

Your monthly payments will be reviewed and any changes will be advised to you at the end of each mortgage year Your monthly mortgage payments will NOT change during the course of each year, but you will receive a letter at the end of each year showing when these changes have taken place on the account and the impact on your monthly mortgage payments for the forthcoming year.

MissScarlett_3

MarkyMarkD wrote: »

Not sure what you were trying to say there, Rikki. It didn't help though IMHO.

Let me rephrase what I think you wanted to say.

Changes to the base rate during the month will be take effect from the first of the following month. The rate at which interest is charged to your account each month will change following a base rate change.

Your monthly payments will be reviewed and any changes will be advised to you at the end of each mortgage year Your monthly mortgage payments will NOT change during the course of each year, but you will receive a letter at the end of each year showing when these changes have taken place on the account and the impact on your monthly mortgage payments for the forthcoming year.

I'm with you on this one. The key word in this statement is 'reviewed'