What is Barclays Bank Base Rate?

saveoursovs

I'm on the +0.18% deal aswell, which has worked out great as there've been 3 quarter point cuts since I signed up and now today's half point reduction. And obviously since then the deals have gotten worse, with Woolwich's equivalent offer now being +0.89%.
To answer the points in this thread, they do not adjust your payment automatically when the BBBR changes but if there is a cut all that means is that you'll be paying off more of your balance.
Also, the BBBR does not follow the BoE rate immediately but seems to lag behind for a few weeks (although I'm sure it wouldn't if the BoE rate increased) as I've rung up within 1-2 days of the last BoE rate cut to have my payment adjusted, and was told I'd have to wait until the BBBR followed suit in a few weeks' time.

02skn

Has anybody with a Barclays/woolwich tracker mortgage had their yearly statement yet? Looking forward to ours this year as we have made quite a few overpayments in the last year.

feisty1

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

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02skn

Barclays issue a statement yearly at the end of September or the beginning of October. Just curious to see if anybody has had theirs yet.

Trying_to_be_good

jojotheruvan wrote: »

I think ......i found the answer to the BBBRate and BOEBRate issue. Please check the link.
http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=popup1group&value=15396

Also from their glossary:
Barclays Bank Base Rate
Barclays Bank Base Rate follows the Bank of England Base Rate, which can go up or down and is announced by the Bank of England's Monetary Policy Committee every month.
which can be found at http://www.woolwich.co.uk/mortgages/mortgage-glossary.html

My Ts&Cs for the +0.18% tracker state the new rate will be effective from the first of the following month, i.e. 1 November this time.

Statements are produced as at 30 Sep and should arrive by the end of October.

If you pay by standing order instead of direct debit, you can choose to increase or decrease your payments at will (ensuring you are paying at least the minimum so you daon't fall into arrears). They also send me a rate change notice each time the base rate changes - maybe that's because I pay by SO not DD?

Hopeless customer service, though.

minimike2

The good old +.018.

That was a cracking deal.

aardvaak

jonjoe1969 wrote: »

I've just completed on three tracker mortgages with Woolwich (one residential tracking at 0.18% over base, two buy to let at 0.49% over base).

I got back from holiday to find that all three had completed while I was away and I saw a reference in the completion documents to them tracking above the Barclays Bank Base Rate (BBBR). I've checked the key features document I referred to when I made the application and it clearly says that they would track over the Bank of England Base Rate.

I've got to decide whether to complain; and that will involve looking at all the correspondence including the key features, the offer letter etc to see when the change occured. Woolwich certainly didn't clearly draw this important change to my attention.

But that's not the point for now. My question is what is the BBBR? If it historically has always mirrored the Bank of England base rate then my problem isn't likely to result in me losing money. But if the BBBR fluctuates differently to BoE base rate then I'm going to be deeply unhappy.

I suspect the bank made this change to deal with small short-term fluctuations in the availability of inter-bank funds in which case BBBR will nearly, but not quite, always mirror BoE base rates. So, I might generally not see much, if any, difference. I know that the current rate for BBBR is 5.75%, same as the BoE base rate.

BUT - I have tried doing some research and can't find any historic data on what BBBR has been and whether it has mirrored, or nearly-mirrored the BoE base rate. Can anyone help?

Thanks

JJ

It's too low!

stash36

02skn wrote: »

Barclays issue a statement yearly at the end of September or the beginning of October. Just curious to see if anybody has had theirs yet.

No I haven't received one either, i phoned them and he advised they'd be out in October. If nothing by November then call back.
He did give me a up-to-date balance over the phone however, which at least confirmed that my overpayments have been coming off..I've had the tracker for just a year so wanted confirmation

MarkWatson

While on the subject of Woolwich Buy to Let mortgages, does anyone know if they have impose a minimum floor for their tracker interest rates?

I have a tracker at 0.49% above the BBBR but now there is some suggestion that if the B of E Bank rate (and the BBBR) goes below a certain level some lenders have imposed a floor, lower than which their rate will not fall (some say around 3%). I can't find my detailed T&Cs - does anyone know if there is a floor for Woolwich BTL Tracker rate mortgages?

Ta!

Andy_Davies

02skn wrote: »

Barclays issue a statement yearly at the end of September or the beginning of October. Just curious to see if anybody has had theirs yet.

I've had the one for the house my ex-wife lives in but not the one for the current house (which normally comes as couple of weeks later)

Andy