What is Barclays Bank Base Rate?

6am

Eydon wrote: »

Well what a surprise. Having posted the above, Barclays have now updated their definition of the BBBR on the Woolwich pages as well. Glad to see that they monitor internet forums

As an assurance they added following

View the current BBBR and see how it has consistently tracked BOE Base Rate.

I made a screenshot of the previous definition just in case.

cf252

I have just received a letter from The Woolwich which states:

"I confirm that we use the terms "Barclays Base Rate" and "Base Rate of the Bank of England" interchangeably to mean the same thing."

If anyone ever has any problems with Barclays/Woolwich tracker mortgages and needs to take their case to the FSA then I can provide a copy of this letter to help.

Regards

cf252

foreversummer

Hi cf252

Thank you for posting.

Have you just received this letter out of blue, or are you in the process of remortgaging, or is there some other reason that the Woolwich have written to you?

Obviously it is very good news for those with Tracker mortgages as there has been so much confusion over the two rates, but I'd love it if you could give us some more detail on what else the letter says etc.

Foreversummer

Palm_Centro

Why wait? Give them a call and ask for yr balance.

cf252

We contacted The Woolwich with respect to reducing our mortgage payments to take account of the new BoE rate and asked for them to confirm in writing the relationship between BBBR and BoE Base Rate. The full reply was:

"Thank you for your enquiry regarding the above mortgage accout.

I confirm that we use the terms "Barclays Base Rate" and "Base Rate of Bank of England" interchangeably to mean the same thing.

Please accept my sincere apologies for the confusion.

I trust this clarifies the situation for you, however, should you have any further queries please do not hesitate to contact our Customer Contact Centre on the number at the head of this letter."

Hope this helps.

cf252

trets77

i think we can pretty much relax with this now. they have dropped the rate to 1% straight away

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

I'm soooo happy i told Nationwide where to get off when they tried to sell me a tracker after i told them i was going to Woolwich

Walaboobah

Long may this recession continue :T

Joke by the way :rolleyes:

samba

trets77 wrote: »

i think we can pretty much relax with this now. they have dropped the rate to 1% straight away

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

I'm soooo happy i told Nationwide where to get off when they tried to sell me a tracker after i told them i was going to Woolwich

They're not so quick to drop the rate this time, and instead the following page has appeared since yesterday...

http://ask.barclays.co.uk/help/mortgages_homes/BBBR_tracker

I hope this doesn't mean they are preparing to break the link between the BBBR and the BoE base rate....

inspector_monkfish

12:34 05Mar09 -Barclays <BARC.L> pledges base rate help to mortgage borrowers
05 March 2009

Barclays pledges base rate help to savers and mortgage borrowers

Following the announcement today from the Bank of England's
Monetary Policy Committee that the base rate will be reduced by
0.5 percentage points to a new historic low of 0.5 per cent,
Barclays announces that it will be protecting all of its savings
customers by holding their rates unchanged, whilst the vast
majority of its mortgage and Local Business customers will
benefit from the reduction.

For full release please click on the link below:

http://www.newsroom.barclays.co.uk/

samba

Cheers for that!

I also just found this page, by going thru barclays.co.uk rather than woolwich.co.uk...

http://barclays.metafaq.com/templates/barclays/main/answerPage?_mftvst:answerRef=%24http%3a%2f%2fapi.transversal.com%2fmfapi%2fobjectref%2fEntryStore%2fEntry%2fhttp%3a%2f%2fwww.metafaq.com%2fmfapi%2fMetafaq%2fClients%2fbarclays%2fModules%2fmortgages_homes%3a8036%3a29&_mftvst:moduleID=%24mortgages_homes&_mftvst:topicID=%24&id=NHN8KG6U06R6CMU30TD2MTAUF0

so it looks like they are playing ball after all