Woolwich/ Barclays Reserve Facility

Surfbabe

Can anyone tell me if there mortgage and reserve loan shows on their on line banking?

Our mortgage and bank account has been with woolwich for last 8 years, obvioulsy this has been transferred to Barclays but only the current account shows

madonss

Our Mortgage and reserve amount shows online, but I think it is only the Offset mortgages that show. If yours is not offset then I don't think it will show.

xlt_hunter

I got this letter as well and not sure what to do with it really.

My mortgage is a 10 year fixed on 4.67% was £79.5k but its now £76k after 2 years in. So more or less built up a reserve of £3.5k

Really stuck as I don't need the ££ as I am servicing credit card debts at the moment (hopefully paid off by the end of the year)

Can anyone tell me if there mortgage and reserve loan shows on their on line banking?

Yes it does, on my online banking there is the woolwich at the bottom (you need to ask to get it added) and the reserve account is there as well and that is at Nil balance as I never used it. (was adviced at the application of the mnortgage not to use it) - brilliant guy he was

drewwa

I received this letter, checked t&cs (yes, the reserve no longer increases). and sent it straight back saying I wanted to keep it.

Not using it at the moment, and don't intend to in the foreseeable future, but I don't see why I should give up one of the (potential) benefits of an offset mortgage for no reason.

My potential reserve is just over 60k.

I can see my mortgage and reserve (both as unique 'accounts') in my online banking via Barclays.

Cheers,

Drew.

borntobefree

drewwa wrote: »

I received this letter, checked t&cs (yes, the reserve no longer increases). and sent it straight back saying I wanted to keep it.

So you picked option 1 or did you actually state that you didn't want your T & Cs changing at all and wanted your reserve facility to keep rising? I didn't realise it was a trick until someone on the mortgage board pointed it out:o and I asked for option 1 not realising that I have effectively now changed my T & Cs. I am a MFW so I hope I don't need the facility, but yet again I feel like I've been turned over. I can imagine these bankers working out how to phrase the Lose-Lose options and thinking how clever they've been:mad:. !!!!!! Turpin bank plc:rolleyes:

xlt_hunter

so, has anyone sent the form bck signed and unchecked? with a letter attched to say that they want the reserve but not to change the T&C's?

setmefree2

I also picked option one to keep my reserve at - in my case £78k - not realising it was a trick:o.....but hopefully I wont need it either as I want to be free....:D

alijolly

alijolly wrote: »

I haven't had my letter but interestingly my latest £10000 overpayment hasn't been added to my reserve as it usually is.

I spoke too soon, it took a little longer than usual but today my reserve limit rose by the £10000, still no letter though.

getmore4less

If you are offset and want to keep the access to overpayments then change to interest only and normal term rather repayment and reduce term.

Should be a free change.

This stops the normal mortgage reducing and you just keep the overpayments in the offset funds.

drewwa

borntobefree wrote: »

So you picked option 1 or did you actually state that you didn't want your T & Cs changing at all and wanted your reserve facility to keep rising? I didn't realise it was a trick until someone on the mortgage board pointed it out:o and I asked for option 1 not realising that I have effectively now changed my T & Cs. I am a MFW so I hope I don't need the facility, but yet again I feel like I've been turned over. I can imagine these bankers working out how to phrase the Lose-Lose options and thinking how clever they've been:mad:. !!!!!! Turpin bank plc:rolleyes:

Wasn't clever enough for that!

Cheers,

Drew.