What is Barclays Bank Base Rate?

TechnoBoy

I just dug out my Mortgage Offer from last year on my lifetime tracker, it states clearly in plain English that all references should refer to the Bank of England Base Rate :beer:

Although no doubt someone will be along shortly to say I read it wrong so I've scanned and attached the evidence here:

alleycat`

Exactly what my KFI says too.

I await with great interest what Barclays will do when the BoE reduce rates again (which I'm almost certain they will do).

pfpf

KFI:

who should have given this to me if i went through a mortgage broker?

my offer document has this in section 1:

you should compare this offer document with the key facts illustration given to you before you applied for this mortgage, to see how the details may have changed

section 4 then goes on to explain how the Tracker works referring to the BBBR.

i took out my mortgage in April but i do NOT have a KFI.

TechnoBoy

The document I scanned and attached above was the 'Mortgage Offer' document, not from the KFI.

The KFI only mentions 'Bank Base Rate' and does not say were this comes from or how it is defined.

philswannie

I've followed this thread with interest, as I have a Barclays Tracker Mortgage. It seems there is mass uncertainty with what BBBR actuals means now and previously.

I have therefore made an official complaint to Barclays about the change in definition, because I believe it is fundamentally different.

I will post a reply when I hear back from them and depending on what they say consider going to the Financial Ombudsman Service.

I would suggest that if anyone else is likewise concerned about the future implications that they also register a complaint, you can do it by telephone and dont have to put anything in writing, Barclays are then bound by resolution deadlines set by the FSA. Barclays customer service dept tel 0800 282 390.

MarkyMarkD

I'd suggest that you don't waste time doing as philswannie says.

There is no problem here, until there's a problem.

If Barclays ever fail to comply with the contract you signed up to, then you should complain. Until then, it is frankly irrelevant what their website says.

philswannie

MarkyMarkD wrote: »

I'd suggest that you don't waste time doing as philswannie says.

There is no problem here, until there's a problem.

If Barclays ever fail to comply with the contract you signed up to, then you should complain. Until then, it is frankly irrelevant what their website says.

What a fantastic idea, wait until you actually experience the problem and then speak to Barclays !!

I'm not saying its all doom and gloom and Barclays are not going to honour the impression that BBBR will follow Bank of England BR. FSA rules talk about 'Treating Customers Fairly', my impression is that this isn't doing that.

Whats the harm in looking to clarify the situation with Barclays, which seems to be important to a number of people...............but obviously not MarkyMarkD !!

blue1159

philswannie wrote: »

What a fantastic idea, wait until you actually experience the problem and then speak to Barclays !!

I'm not saying its all doom and gloom and Barclays are not going to honour the impression that BBBR will follow Bank of England BR. FSA rules talk about 'Treating Customers Fairly', my impression is that this isn't doing that.

Whats the harm in looking to clarify the situation with Barclays, which seems to be important to a number of people...............but obviously not MarkyMarkD !!

anyone know what the bbbr is at the mo i can't find it on their site, i think u have to be a banking customer to get the the page with it on, they told me over the phone 2% from 1st jan?

blue1159

ok i found it!!

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=popup1group&value=15396

2% good!

MarkyMarkD

Contrary to what Philswannie says, I would suggest that hassling Barclays about a hypothetical problem which isn't going to arise, is a waste of your and their time.

What's the worst that could happen? You could have to pay 2.74% (or similar) on your mortgage instead of 1.74% (or whatever) for a little while - or make that the 10 minutes until the FSA stamp on them if your KFI or attachments state that BBBR=BoeBR for the purpose of your mortgage.

If your mortgage details do not state that, then BBBR can be whatever Barclays choose. Arguing the toss with them whilst it isn't an issue won't make them change the position.