I've currently 2 tracker mortgages with the Woolwich coming to an end, one will be +0.79% above BBBR, the other 0.85% above BBBR.

Can anyone tell me how I can get the history of this rate to see if it tracks the Bank of England Base Rate like for like, or if it's likely to drop 1.5%

We also have several tracker mortgages with the Woolwich which track the BBBR. As I understand it the BBBR is described by Barclays as - 'Barclays Bank Base Rate follows the Bank of England Base Rate' - so they will find it difficult to not lower the rate by the full 1.5%.

Looks like it could be like for like as it's currently 4.5% (still to be reviewed).

Have you managed to find a better deal?

I've looked but nothing comes close.

If your trackers will revert to the rates you mention - less than 1% above base - you have an excellent deal there and something that currently cannot be beaten.

As the base rate is currently low, if your payments are to reduce, can I suggest you overpay to the extent that you were previously paying, This will help reduce the mortgage quicker and create a bit of a cushion for when the rate/payments start to rise again

Morning,

Before the current problems, we took out a new tracker mortgage with the Woolwich. When I recieved the paper work, I was alarmed that the mortgage tracks Barclays own base rate and not the Bank of England rate, which I assumed. I asked and was given the reply that it had only failed to track the BOE base rate once in 30 years and then for only three months. That was before the current problems. As for seeing the rates, ask the question and see what reply they give. After all, they can't give bad financial advice (information) for fear of having to pay compensation. Perhaps the FSA may be able to furnish this data?

Just checked the Barclays / Woolwich website and the BBBR has been reduced to 3% effective from today so it is still tracking the BoE rate. They've removed all offset and tracker offers from their website though.

Don't worry - I have just checked on their website and barclays are now advertising their base rate as 3.00%, which is what it should be if they are honouring the tracker information in their mortgage offers. It has now pulled all of the offset and oridinary tracker deals thoough, so i assume they will be putting new ones out with hight differentials. Lucky we took them out when we did!

Thanks to all for the info.

I will continue to pay the same, may evan stop a couple of savings accounts and pay off more.

Do many more have similar deals?

the best I have seen is HSBC 0.99% above BOE base rate. It does cost just short of £1000 to set up though. If anyone has seen any better please let me know.

Please see the barclays website glossary for "BBBR":

http://www.woolwich.co.uk/mortgages/mortgage-glossary.html#b

I think that should answer the question.

barclays website states: Barclays Bank Base RateBarclays 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.

Just discussed my payments with the Woolwich and by paying around £10 per month more than I have been, and considering new interest rates, have reduced my mortgage from 17 years to 13 years 6 months!

Obviously interest rates won't stay this low for 13 years but it's a good place to be in!

if u have reduced yr mortgage to 13yrs 6mths, pls be aware when rates increase again yr monthly mortgage payments will go up.......u could have just overpaid yr mortgage without changing yrs etc

I am overpaying, it was a general question I asked of the Woolwich.

Good point though!

Here is the latest (and a history) of the BBBR

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

This might cause them some contractual problems in the furture - it look as though they are trying to protect themselves from further interest rate cuts, but in my (and I'm sure other people's) mortgage offers it is catregorically stated that the BBBR should be taken to mean the BoE BR, so i'm afraid there is no getting around it for them - all I can assume is that they have done this for new borrowers only, and adjusted their paperwork accordingly?