Barclays Woolwich Mortgage Selector: Which Mortgage is right for me?

Confused by the range of mortgage options? Read our beginner's guide.

Finding the right mortgage can be tough when there are so many products on the market. A mortgage specialist can help you decide based on your personal and financial circumstances.

When you apply for a mortgage you'll need to be able to provide evidence of who you are, where you currently live and what you earn (usually with three months of pay slips).

If you're self-employed, you'll need a letter from your accountant and/or an annual statement of your income - and when it comes to actually applying for a mortgage, you'll be asked to provide two or three years' worth of audited accounts.

There are some things to consider. Check whether the mortgage you're looking at ties you into buying other products from the same company. For instance, lenders may require that the freeholder has buildings insurance (to cover the cost of rebuilding or repair work to the structure).

There may also be early repayment charges that the lender will charge if you pay off the mortgage early or move it to another lender within a set period.

Repayment methods

Your mortgage adviser can explain the different types of mortgages available. Briefly, these are:

• Interest only - With an interest-only mortgage, your payments will only cover the interest on your mortgage. The amount of capital remains constant and it's down to you how you choose to repay the full amount you’ve borrowed at the end of the mortgage term. So it's important to remember that you'll need a suitable investment in place (such as an ISA), which you must regularly review to ensure that you're able to repay your mortgage in full.


We would recommend that you approach an Independent Financial Adviser to discuss the investment options available to you and the potential risks associated with your chosen strategy. Alternatively, a Woolwich Mortgage Adviser will be happy to answer any questions.

Bear in mind that problems can arise if your chosen investment doesn't perform sufficiently well to allow you to repay your mortgage. But if the investment performs better than expected, you may end up with some extra cash after you've paid off the mortgage.

• Repayment - you pay off the mortgage capital as you go along as well as paying interest so by the end of the term there's nothing left to pay. This is often seen as the safer option, as long as you keep up your repayments in full and on time.

Interest rates

Mortgage lenders can charge interest in a variety of different ways:

• Fixed rate - the rate is fixed for a set period: the shorter the time, the lower the rate will usually be. The advantage of this is that it makes budgeting simpler in the early years of your mortgage as you know exactly what you'll be paying every month. However, if interest rates fall below your fixed rate, you'll not benefit from this reduction. Early repayment charges and arrangement fees may apply. Once your fixed rate period has ended, you'll be switched to the Standard Variable Rate. You may therefore want to consider remortgaging as you approach the end of your initial offer.

• Standard variable rate (SVR) - this rises and falls in line with general interest rates so you should benefit from any drop. However, if general interest rates rise, your mortgage rate will increase too, along with your monthly repayment. There aren't usually any early repayment charges.

• Capped rate - your rate will rise and fall in line with your lender's standard variable rate but it'll never rise above the 'cap', which is set from the start of your mortgage contract for a specified period of time ('capped rate period'). This means that you know the maximum amount you'll pay during the capped rate period. If the lender's standard variable rate falls below the cap, you'll pay the lower rate for as long as this is the case. If the lender's standard variable rate later rises above the cap again, you just go back to paying the capped rate. Early repayment charges may apply. Once your capped rate period has finished, you'll be switched to the Standard Variable Rate.

• Discounted rate - you get a discount from the lender's base rate or SVR for a set period, which may represent a valuable saving. However, your repayments will still be variable so you don't have the certainty that you get with a fixed rate. This means discounted rates may not be ideal for those on a strict budget. If you have some spare money and rates are low and dropping, you could benefit. Early repayment charges may apply.

• Tracker rate - this rate is a set amount above or below the Bank of England or lender's base rate. The aim is to 'track' these base rates (whether they rise or fall). So you'll benefit from general interest rate cuts, irrespective of whether your lender decides to drop its mortgage rate in line with the base rate. However, if general interest rates rise, your mortgage rate will increase too along with your monthly repayment. There may be early repayment charges.

• Offset mortgages - Offsetting is a way of managing your money using your current account, savings account and offset mortgage. You can 'offset' the credit balances you have in your current and savings accounts against your mortgage balance and pay interest (at the mortgage rate) on the difference only.


This means you could potentially reduce the total amount of interest you pay on your mortgage. You will not, however, earn interest on your credit balances.


This type of mortgage can only really work for you if you have savings to offset or, for example, get regular bonuses.


When offsetting credit balances against the mortgage, you have the option of keeping your mortgage repayments as they are, thereby paying the mortgage off more quickly, or keep the original term and reduce your monthly repayments (please note your mortgage repayments may vary). Either option may provide substantial savings. Woolwich Offset Mortgages are on a tracker rate basis.

Remortgaging This is the process of moving your mortgage from one lender to another, or choosing a different type of mortgage from your current lender. Read our guide to remortgaging. How we can help See the range of mortgage services we offer: For first-time buyers For people moving home For customers who want to remortgage.

Link to previous articles: Barclays Woolwich Mortgage: Property Ladder-2 Barclays Woolwich Mortgage: Property Ladder Checklist for Buying a Home Barclays Woolwich Mortgage FAQ Barclays Woolwich Mortgage Glossary Barclays Woolwich Mortgage Reserve

Barclays Woolwich Mortgage Explained

It's a mighty financial commitment but applying for a mortgage doesn't have to be a headache. Here's how it works:


How much can I afford to borrow?

Do the sums. Use a budget planner to work out what you can afford to pay each month on top of all your other bills. Make an allowance for interest rate rises and unexpected events.

How do lenders decide how much they'll lend?


Lenders take into account such things as your income and expenditure, credit history, age, address and marital status. They use this information to establish whether an application will be approved or declined.

Generally, income multiple calculations help to give an indication of how much you can borrow. Barclays can offer up to four times your salary if you apply on your own. If you're applying jointly you could get up to three times joint salary or four times the first salary and one times the second. (Each of the above are subject to certain conditions being met).

Affordability calculations are also used during the application process as part of the lending decisions. This involves looking at your monthly income against your monthly outgoings, including debt repayments, utility bills and 'lifestyle costs' such as eating out.

What if I'm self-employed?


Policy will vary between lenders so ask around but most lenders ask for verification of your income. If you're self-employed, lenders will usually ask for evidence of your earnings, such as two years of trading accounts. Your application will often need to include evidence of a track record in a particular field.

I have a bad credit history


Lenders will assess each case individually. If you have a County Court Judgment (CCJ) against you for a debt you failed to pay promptly, for example, you may not be turned away by high street lenders if you repaid it more than a year ago.

If it's been less than a year, or if it's still 'unsatisfied' (outstanding), you may have serious difficulties getting a mortgage. CCJs remain on your credit record for six years.

You may only be able to obtain a mortgage from what are known as 'sub-prime' lenders. Those borrowers with adverse credit and CCJs may be charged higher rates by these lenders (historically about 1.5-2% above base rate) to reflect the potentially greater risk of repayments being missed.

These higher rate mortgages are becoming increasingly mainstream and thus competitive, which in turn is slowly bringing rates down. Be aware that sub-prime mortgages often carry large arrangement fees - five or six times higher than high street lenders.

Why else might I be turned down?
Bad credit history is the biggest but other classic reasons for an application being declined include:
• Length of employment, ie short amount of time in your current employment.

• Being absent from the electoral roll at your previous address.

• Property value - a surveyor's valuation report shows the property is not worth the sum you're seeking.

• Construction - many don't like lending on older concrete buildings, for example.

• Location - flats above shops or ex-local authority properties sometimes have difficulties.

• Properties with a short lease.

How much deposit do I need?

Ideally between 10% and 15% of the value of the property as this will give you access to the most competitive rates in the market. In some circumstances lenders may give you a 100% mortgage to cover the full value of your property but some will levy a higher lending charge for the privilege, although Barclays and Woolwich will not.

The 'magic' 75%


If you're having trouble getting a mortgage, your chances will improve if you can afford to borrow less than 75% of the property value. This is because lenders have to indemnify themselves against mortgages over this amount.

Clubbing deposits and buying in a group


Up to four names are allowed on a property's deeds but many lenders limit you to two. However, buying in a group demands serious thought.

You should have a legal agreement drawn up by a professional before you buy that specifies each person's deposit contribution, monthly repayment and what should happen if any member wants to sell, leaves or dies.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Important information Please read our site terms and conditions. In addition we would advise you that: The information given in this article was correct as at January 2007. It does not, however, take account of any changes in regulations, the law or interest rates since that time. This article is not a substitute for obtaining professional advice from a qualified person or firm. Barclays is not liable for any opinions expressed. While every effort has been made to ensure that the information contained is accurate at the time of publication, no liability for damages is accepted by Barclays, the publishers or any other organisation or person providing information, arising from any errors or omissions that may appear, however caused - or from any editorial alterations to submitted information. Examples given of products and services are not exclusive. Other companies may provide the same products and services, and inclusion of a product or service should not be taken to indicate that Barclays recommends it over any similar product or service.

Link to previous articles: Barclays Woolwich Mortgage: Property Ladder-2 Barclays Woolwich Mortgage: Property Ladder Checklist for Buying a Home Barclays Woolwich Mortgage FAQ Barclays Woolwich Mortgage Glossary Barclays Woolwich Mortgage Reserve

Barclays Woolwich Mortgage: Property Ladder-2

Joint tenancy agreements

• Particularly appropriate for those in stable cohabiting relationships but perhaps not those with children from another relationship.

• On the death of one joint tenant his or her interest in the land passes automatically to the other joint tenants.

• Your share of the property cannot be transferred under will or intestacy.

• Everything is jointly owned in equal shares, including the property itself, and any profit or loss made when you come to sell the property.

• All parties are liable for the loan and if one person defaults, the lender can pursue the others for the full amount.

• In the event of arrears everyone will receive a bad credit rating.

• The property cannot be sold without the consent of both parties.

Tenancy in common

• Particularly appropriate for buyers who are unrelated friends, family members who are not cohabiting couples (eg siblings) or where the purchasers contribute unequal amounts to the purchase price.

• Each purchaser holds a distinct fixed share of the property, which may or may not be equal.

• The share is not affected by the death of a fellow co-owner. When a tenant in common dies, his interest passes under his will or intestacy. It is his to dispose of as he wishes.

• All parties are liable for the loan and if one person defaults, the lender will pursue the others for the full amount.

• In the event of arrears, everyone will receive a bad credit rating.

• If one person moves out and the others decide to buy their share, they will be liable for stamp duty on the full value of the property, if it's worth more than the relevant threshold.

• It's recommended that before entering into a Tenants in Common agreement you seek independent legal advice.

Pros

• You're on the property ladder.

• You can potentially get a better mortgage deal and there's possibly less financial pressure.

• You're living with people you already know.

• You can possibly afford a bigger property.

Cons

• If one party doesn't pay, the lender can pursue the other borrowers for the full amount.

• Living with friends can cause disputes and cause even the closest friendships to end.

• In the case of a tenancy in common, if one party decides to sell and you want to buy their share, you may need to pay stamp duty on the full value of the property. This will also increase your mortgage and associated costs.

Some other options

If you don't want to live with friends or family, there are a range of ways the Government can help your property dreams become a reality.

Key workers

If you have a 'key' occupation, such as nurse, teacher, social worker, police or community support officer, firefighter or prison and probation officer, and you live in London, the south or east of England, the Key Worker Living Scheme, funded by the Housing Corporation, offers a range of help to get you on the ladder.

The programme offers:

• Equity (Homebuy) loans of up to £50,000 towards buying a home.

• Higher Homebuy loans of up to £100,000 for London school teachers who have the potential to become leaders of London’s education system.

• Shared ownership of new properties.
When you sell your home, the Housing Corporation gets its money back, plus a proportional share of any increase in the value of the property. However, if you leave your job and are no longer eligible for the scheme, you will usually have to pay the Housing Corporation's money back within within a set time period.

Shared Ownership

If you can't afford to buy your own home, Shared Ownership schemes allow people to buy a property with a Housing Assocation. You pay a mortgage on your share of the property and pay rent to the Housing Association for their share – which can be between 25% and 75% of the property.

You can either buy a house that's been built or bought by the housing association or find a property on the open market and ask the housing association to help you buy it.

This scheme will allow you to have a smaller mortgage and, together with the rent, this is usually cheaper than paying a large mortgage on its own.

How it works:

if your share costs less than £125,000, you won't have to pay stamp duty. Each year, you're able to increase your stake in the property, usually in 25% chunks and, as long as your new share is under £125,000, you won't have to pay stamp duty.

When you sell up, the profit will be divided between the owners and the housing association, according to what share you each own. Before entering into a Shared Ownership Scheme we suggest you seek independent legal advice.

Need to know:

each housing association varies, but all owners must individually and jointly meet the eligibility criteria.

Find out more For more information on these schemes and to find out whether you are eligible, check out these websites: ● Communities & Local Government For advice and information on schemes. ● Housing Corporation For information on Shared Ownership and contact details for the housing associations in your area. ● Key Worker Living For information on who qualifies, how to apply and contact details. • You can also contact your local authority to find schemes in your area.

Link to previous articles: Barclays Woolwich Mortgage: Property Ladder Checklist for Buying a Home Barclays Woolwich Mortgage FAQ Barclays Woolwich Mortgage Glossary Barclays Woolwich Mortgage Reserve Barclays Woolwich Mortgages: Buy to Let Mortgage

Barclays Woolwich Mortgage: Property Ladder

Are you finding it hard to get a foothold on the property ladder?

Buying a first home is never easy - getting that first mortgage can be tricky and more first-time buyers are finding that they're not earning enough to qualify for the mortgage they need.

If that sounds familiar, don't worry. You do have options.

Buying with others

One increasingly popular choice is to pool resources with one or more friends or family members to help boost your spending power.

It works like this:

lenders typically give joint applicants 2.5 times their combined income, or possibly higher if there are more than two people buying. That amount, plus the deposit you've saved, is the amount you could spend on your new house.

Before you start choosing furniture together, though, don't forget that regardless of how emotionally attached you are to the people you're buying with, buying a house together is first and foremost a business deal.

That means that all the arrangements should be formalised by a solicitor. It's the best way of ensuring that everyone understands exactly what’s expected of them.

How it works

There are two types of legal arrangement for co-owning property: joint tenancy agreements and tenancies in common.

Once you've chosen the people you want to live with, you'll need to decide which of these is most appropriate for your circumstances. This will be based on some of the following:

• What your relationship is to your fellow purchasers. • Who will own what percentage of the property. • The deposit you pay - this will be based on how much of the property you own and should be detailed in your legal documents. • How long you anticipate you will want to own the property for. • Is one party likely to want to sell the property in the near future? If so, who will have the right to buy this portion?

Link to previous articles: Checklist for Buying a Home Barclays Woolwich Mortgage FAQ Barclays Woolwich Mortgage Glossary Barclays Woolwich Mortgage Reserve Barclays Woolwich Mortgages: Buy to Let Mortgage Barclays Woolwich Mortgages: Buying your first home

Checklist for Buying a Home

Print this checklist to make observations about buying a home.

Buying a home checklist


Property details

Address:

Type (eg flat):

Price:

Estate agent:

No. of bedrooms:

Viewing date(s):

Your views - make notes and mark out of 10

EXTERIOR

Paintwork:

Roof & tiles:


Windows & frames:

Drains/gutters:

Garden:

Other:

INTERIOR

Kitchen:

Bathroom:

Living room:

Dining room:

Bedrooms:

Hall:

Other:

LOCATION

Work:

Schools:

Transport:

Schools:

Noise:

Neighbourhood:

Other:

Other observations (eg reason for sale, estimated bills, age of property):

Link to previous articles: Barclays Woolwich Mortgage FAQ- 2 Barclays Woolwich Mortgage FAQ Barclays Woolwich Mortgage Glossary Barclays Woolwich Mortgage Reserve Barclays Woolwich Mortgages: Buy to Let Mortgage Barclays Woolwich Mortgages: Buying your first home

Barclays Woolwich Mortgage FAQ- 2

What is a redemption statement?
If you are considering paying off your mortgage and would like to understand how much you owe, we can provide you with a redemption statement (please note that a charge may apply). This will give you a total figure (including interest) for the repayment of your mortgage as a given date, including interest and any early repayment charges that are due.


Call us on 0845 605 1111 (lines are open 8.30am-5.30pm Monday to Friday)* or write to us at Woolwich, PO Box HK444, Leeds, LS11 8DD.

How often do I get a mortgage statement?
We'll send you a mortgage statement annually. This shows:
• The monthly payments you have made in the past 12 months
• Your mortgage balance (as at a given date)
• Any interest that you will have been charged.

The date you receive this statement will depend upon the type of mortgage you hold with us:
• All Woolwich mortgages (excluding Buy to Let) taken out after 1 December 2003 - every September
• All Buy to Let Mortgages - every December
• All other Woolwich and Barclays Mortgages - every March.
If you want to receive an annual statement at any other point during the year, we will be happy to do this for you. Please note that a charge may apply for this service.

Is there a fixed date for mortgage repayments?
When you take a new mortgage with the Woolwich, your payment date will automatically be set to the 16th of every month.


If you wish to change this to a more suitable date we can do this for you, although you will be charged for the additional daily interest for that first month. For example, where a payment date has been moved to the 21st of the month, an extra five days daily interest will apply.


Call us on 0845 605 1111 (lines are open 8.30am-5.30pm Monday to Friday)* or write to us at Woolwich, PO Box HK444, Leeds, LS11 8DD.

Can I change the due date for my mortgage repayments?
Yes. However, please note that you will be charged for the additional daily interest for that first month. For example, where a payment date has been moved to the 21st of the month, an extra five days daily interest will apply.


Call us on 0845 605 1111 (lines are open 8.30am-5.30pm Monday to Friday)* or write to us at Woolwich, PO Box HK444, Leeds, LS11 8DD.

What happens if I miss a payment?
If you suspect that you may not be able to make your monthly mortgage payment, please let us know as soon as possible. We can then work out how best to help you.
• If the missed payment is due to a technical problem (e.g. a recent change to your bank account details), call us on 0845 605 1111 (lines are open 8.30am-5.30pm Monday to Friday)* or write to us at Woolwich, PO Box HK444, Leeds, LS11 8DD.

• If you are, or expect to be experiencing financial difficulty, call 0870 241 5147 (lines are open 8.30am-5.30pm Monday to Friday and 9am-1pm Saturday)* or write to us at Woolwich, PO Box HK444 Leeds, LS11 8DD.

What do I do if my personal details change?
Let us know as soon as you can if you change your personal details. Call us on 0845 605 1111 (lines are open 8.30am-5.30pm Monday-Friday) or write to us at Woolwich, PO Box HK444, Leeds, LS11 8DD.

What do I do if I want to repay my mortgage?
There are three steps to paying your mortgage back in full.


1. Order a Redemption Statement. This will give you a total figure (including interest) for the repayment of your mortgage as at a given date. To order a statement, call us on 0845 605 1111 (lines are open 8.30am-5.30pm Monday to Friday)* or write to us at Woolwich, PO Box HK444, Leeds, LS11 8DD.


2. Making your payment. You can do this by addressing a cheque or Bankers Draft for the amount payable to Woolwich PLC and sending to Woolwich, PO Box HK444, Leeds, LS11 8DD. Alternatively, you can transfer the funds by BACS/CHAPS transfer.


3. Confirmation Letter. As soon as we have received the correct amount from you, your mortgage can be repaid. We will send you a letter to confirm that this has been done.

Can I change my mortgage?
Yes, there are several options for changing your mortgage, including remortgaging, taking out a Mortgage Reserve and changing the date of your monthly repayments.

Please call us to talk through your options on 0845 605 1111 (lines are open 8.30am-5.30pm Monday to Friday)* or write to us at Woolwich, PO Box HK444, Leeds, LS11 8DD.

What is the difference between a Mortgage Reserve and a Barclays Savings Reserve?
The Mortgage Reserve facility allows you borrow against any equity you might have within your property. The amount of Mortgage Reserve that may be available for your use will be the difference between the outstanding balance on your mortgage at any particular point in time and up to a maximum loan-to-value of 90% on your property. For flexible mortgages, interest is charged on the Mortgage Current Account at the Standard Variable Rate, except for Offset mortgages where interest is charged at the Offset mortgage rate and charged to the main mortgage account (for interest calculation purposes).

A Barclays Savings Reserve is a savings account that can be set up as part of a Money Manager arrangement. Surplus funds can be swept into it from your current account either weekly or monthly and it also tops up your current account if your current account balance falls below a limit specified by you, subject to sufficient funds being available in the Savings Reserve account. What is a Savings Pot? A Savings pot allows you to put your savings into different accounts or ‘pots’ and name them accordingly eg Holidays, Car, Bills. You can hold up to 12 separate savings pots but interest is still calculated at a rate that applies to the total balance of all savings pots. If you are offsetting your savings against your mortgage balance the total of all the savings pots will be used. You can also choose to offset some or all of your savings pots against your mortgage to reduce the amount of mortgage interest you pay. Any savings pots you choose to offset will not earn credit interest or be included in the total savings balance for the purpose of determining the interest rate paid on any pots receiving credit interest.

Link to previous articles: Barclays Woolwich Mortgage FAQ Barclays Woolwich Mortgage Glossary Barclays Woolwich Mortgage Reserve Barclays Woolwich Mortgages: Buy to Let Mortgage Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging

Barclays Woolwich Mortgage FAQ

Can I get a mortgage?
How does a Mortgage Reserve work?
Do you offer a fixed rate mortgage?
Do you offer a tracker rate mortgage?
Do you offer European mortgages?
What is an early repayment charge?
What is an SVR mortgage?
Do you sell home insurance?
How do I get the balance on my mortgage?
What is a redemption statement?
How often do I get a mortgage statement?
Is there a fixed date for mortgage repayments?
Can I change the due date for my mortgage repayments?
What happens if I miss a payment?
What do I do if my personal details change?
What do I do if I want to repay my mortgage?
Can I change my mortgage?
What is the difference between a Mortgage Reserve and a Barclays Savings Reserve?
What is a Savings Pot?

Can I get a mortgage?
When you apply for a mortgage we take into account your income, credit history, age, address and marital status in order to determine whether we can give you a mortgage, and how much we can lend you. You can get an idea of how much we might be able to lend you by using our calculator. Please note this quotation is provided for illustrative purposes only and does not constitute an offer of a loan, nor does it in any way bind us to make an advance to you.

How does a Mortgage Reserve work?
A Mortgage Reserve is a secured overdraft facility on a Mortgage Current Account, which enables customers with a flexible mortgage to borrow against the equity in their home.
The Mortgage Current Account operates like a normal current account. You will receive a cheque book and debit card and will be able to set up standing orders and Direct Debits.


The amount of Mortgage Reserve you may be able to use will be the difference between the outstanding balance on your mortgage and up to a maximum loan-to-value of 90% of your property.


The loan-to-value on your property is the total amount outstanding on your mortgage loan at any particular point in time expressed as a percentage of the lower of the purchase price or our valuation of your property. For example, if the total mortgage loan is £80,000 and the lower of the purchase price or our valuation of your property is £100,000, the loan-to-value is 80%. In this instance, if 90% of the lower of the purchase price or our valuation of your property of £100,000 is £90,000, you could apply for a Mortgage Reserve of £10,000 (£90,000 less £80,000), or a lower amount if you wish.


Applications for a Mortgage Reserve are subject to status. A Mortgage Reserve is repayable on demand and must be repaid by the end of the mortgage term. A charge over your property is required as security.


For Woolwich flexible mortgages, interest is charged on a Mortgage Current Account at the Woolwich Standard Variable Rate except for Offset mortgages where interest is charged at the Offset mortgage rate. For Offset mortgages only, interest due on a Mortgage Current Account is charged to the Main Mortgage account (for interest calculation purposes).


All borrowing on a Mortgage Reserve is on an 'interest only' basis.

You can make payments to reduce the capital amount outstanding on your Mortgage Reserve at any time.


Find out more about our Mortgage Reserve option.

Do you offer a fixed rate mortgage?
Yes. Find out about our fixed rate mortgage options.

Do you offer a tracker rate mortgage?
Yes. Find out about our tracker mortgages.

Do you offer European mortgages?
Yes. We can help you buy property in Europe and we have special features on buying in France, Italy, Spain and Portugal. Find out about our European mortgages.

What is an early repayment charge?
A fee you may face if you pay off all or part of your mortgage earlier than agreed. It is designed to compensate the lender for the costs they incur when you repay your mortgage early.

Not all mortgages feature these charges. Our individual mortgage pages feature details of any repayment charges that apply to these products. To check what, if any early repayment charge applies to your mortgage, you need to check your documentation or contact your mortgage provider. What is an SVR mortgage? SVR stands for Standard Variable Rate. It is an interest rate that fluctuates in line with general interest rates and market conditions. Do you sell home insurance? Yes, we sell both contents and buildings home insurance. Find out if you can save with Barclays home insurance. How do I get the balance on my mortgage? We can provide you with a balance over the telephone (immediately) or in writing. If you're looking to obtain a balance so you can redeem your mortgage, please see the Redemption Statement question below. Call us on 0845 605 1111 (lines are open 8.30am-5.30pm Monday to Friday)* or write to us at Woolwich, PO Box HK444, Leeds, LS11 8DD.

Link to previous articles: Barclays Woolwich Mortgage Glossary Barclays Woolwich Mortgage Reserve Barclays Woolwich Mortgages: Buy to Let Mortgage Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home

Barclays Woolwich Mortgage Glossary

Advance

A mortgage loan.

APR

Stands for Annual Percentage Rate, which helps you compare the cost of different mortgage deals. It takes into account the amount of interest you’ll pay, the length of the term of the mortgage and other charges such as any application fee.

Application fee

Lenders sometimes charge a fee to secure certain mortgage rates.

Barclays Bank Base Rate

Interest on tracker rate mortgages is charged at a set margin above or below or equal to the Bank of England Base Rate. Interest rate changes on existing tracker rate mortgages take effect from the first of the month following a change to the Bank of England Base Rate. All references to the Barclays Bank Base Rate in your Offer document (where the reference is to 'Barclays Bank PLC’s Base Rate') and Key Facts Illustration document (where the reference is to 'our Base Rate') should be taken to be references to the Bank of England Base Rate.

Bank of England Base Rate

This is also known as the Bank of England's repo rate. This rate can go up or down from time to time and is announced by the Bank of England's Monetary Policy Committee every month.

Completion

The conclusion of the purchase of the new property.

Conveyancer

A legal expert handling all documentation for the sale and/or purchase of a property. This will be a solicitor or licensed conveyancer.

Coveyancing

The legal process involved in buying and selling a property.

Credit scoring

A technique used by lenders to assess the suitability of your application.

Daily interest

With this method of calculating mortgage interest, interest is charged on the amount of mortgage outstanding every day. This means lenders take into account any changes in the amount you owe on a day-to-day basis.

Disbursements

All the various costs itemised on your conveyancer’s invoice for carrying out your homebuying legal work.

Discharge fee

You have to pay this to some lenders for releasing their hold over a property once you've paid off your loan.

Early repayment charge

A fee applicable if you pay off all or some of your mortgage, or change mortgages, during a specified period.

Equity

The difference between the amount you owe on your mortgage and the current value of your property.

Exchange of contracts

The swapping of contracts between a buyer's conveyancer and a seller's conveyancer. Once you've exchanged contracts, both parties are legally bound to the transaction. The Scottish equivalent is called Conclusion of Missives.

Final repayment charge

Sometimes called an exit fee, this charge is applied when the mortgage is repaid in full.

Financial Services Authority (FSA)

An independent body that regulates the financial industry in the UK. One of their aims is to help consumers become better informed about financial matters.

Freehold

A form of legal title – usually on a house – which means you are the absolute owner of the property and the land it's on.

Higher lending charge

Fee or premium sometimes charged by lenders if your mortgage represents a high percentage of the property’s value.

Key facts about our services

This document will be issued to you when you first make contact with the lender and contains information such as the regulated status of the lender, the level of service provided to you and reference to the Financial Services Compensation Scheme.

Key facts illustration

A key facts illustration details things such as the amount of borrowing required, the selected mortgage product, any fees and charges and information about any additional features of the product. All lenders are required to set out the details in a key facts illustration in the same format so it’s easier for you to compare products.

Land registry fee

Your conveyancer pays this on your behalf to register your details in the Land Registry records as part of the buying and selling process.

Leasehold

This means you own a property for a set number of years. When the lease expires, the property returns to the freeholder. Flats are commonly sold as leasehold.

Local authority search

Part of the conveyancing process when you buy a property, carried out by your conveyancer. It gives details of any matters that affect the property, as it reveals any proposed changes to the local area, such as road improvements, and details of any planning permission given for the property.

LTV

This means loan-to-value and is the proportion of the value or price of the property (whichever is the lower) that you borrow on a mortgage. For example, a £171,000 mortgage on a house valued at £180,000 would mean an LTV of 95%.

Mortgage

A mortgage is a loan that you use to buy a property. Your property will become the security for your loan, which means that if you cannot afford your mortgage repayments your home may be repossessed by us.

Mortgage deed

A legal document establishing a mortgage on a property. This is called a Standard Security in Scotland.

Mortgage term

The length of time over which you agree to pay back your mortgage, generally up to a maximum of 35 years.

Negative equity

This is when the amount you owe on your mortgage is greater than the value of your property. It particularly becomes a problem if you want to move house.

Portability

You may decide you want to move house further down the line. This means you have the ability to take your mortgage with you if you move to a new home.

Premium

Amount you pay on a regular basis for a service, such as an insurance policy.

Remortgaging

When you arrange a new mortgage with a different lender and use the new mortgage to pay off the old one.

Retention

Holding back part of a mortgage loan until repairs to the property are satisfactorily completed.

Stamp Duty Land Tax

Government tax you have to pay based on the purchase price of a property worth more than £125,000.

Structural engineer's report

A specialist report from a structural engineer on the condition of a property.

Survey A report on the structural condition of the property you are planning to buy. Typically there are two levels of survey: a homebuyer’s survey and valuation, best suited to smaller or relatively modern properties, or a building survey which will provide a greater level of detail and is more suited to older or more complex properties. Valuation An assessment of the value of the property you are hoping to buy, normally requested by your lender to ensure that the property is suitable security for the loan.

Link to previous articles: Barclays Woolwich Mortgage Reserve Barclays Woolwich Mortgages: Buy to Let Mortgage Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home

Barclays Woolwich Mortgage Reserve

Are you looking for a bit of extra cash? You may need to look no further than your front room…

You can apply for a Mortgage Reserve with all Woolwich flexible mortgages. It's a secured overdraft facility offered through a Barclays Mortgage Current Account, where you borrow against the equity in your home. You can use it for pretty much anything, like home improvements or even buying a new car.

The Mortgage Current Account operates like a normal current account. You get a chequebook and debit card and can set up standing orders and Direct Debits. Most importantly, you can choose when to borrow, how to spend your money and how to pay it back. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes.

Link to previous articles: Barclays Woolwich Mortgages: Buy to Let Mortgage Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home Guide to Alliance & Leicester Mortgages

Barclays Woolwich: Buy to Let Mortgage

Fancy yourself as a landlord? With our range of BTL deals, owning your own investment property has never been easier. And we’re sure you’ll find a mortgage that’s right up your street.

The basics:

• Mortgages you don’t need a degree to understand.

• Choose to borrow in your private name (whether you are a UK Resident, Non Uk-Resident or Expatriate), as a combination of private individuals (up to 4 applicants allowed), as a Special Purpose Vehicle (SPV) Limited Company or a Limited Liability Partnership (LLP). A SPV Limited Company may be an attractive option if you’re looking for an alternative investment vehicle.

• Borrow up to 85% loan to value (based on purchase price or valuation whichever is lower) on selected products.

• Mortgages can be for 5 to 25 years.

• Choose repayments on an interest-only and/or capital repayment basis.

• We'll consider loan of £35,000 up to £2.5 million on an individual property.

• Borrow on an unlimited number of properties within our BTL cap of £5m million (subject to formal approval).

• You can choose from a range of BTL Mortgage products including Fixed, Tracker and Switch and Save® Remortgage options. See our latest deals.

• Overpayments up to 10% can be made without incurring an early repayment charge (terms and conditions apply to certain products).

• We don’t have a maximum age restriction, but you will need to be at least 21.

• All mortgages are portable so you can move your BTL mortgage to another BTL property.

Rental cover:

Your property will need to generate sufficient annual rental income to cover your annual interest mortgage payment. The rent cover we will require is 120% calculated on the initial pay rate of the product you select.

General advice:

Owning an investment property is very different to owning your own home; you’re effectively running a small business and therefore need to research, plan and manage carefully to ensure the best possible chance of success.

Remember:

• BTL should be viewed as a long-term investment opportunity - the value of property can go down as well as up.

• Ensure you thoroughly research a prospective property and seek advice from local letting agents about its suitability for letting, level of current demand and anticipated rental income. Consider potential for other letting methods.

• Consider all the costs which may be involved (such as solicitors' fees, stamp duty, letting agency and management fees, building insurance, ground rent/service charge for leasehold flats, maintenance/repairs to the property) into your calculations.

• Consider the implications on your tax affairs. We recommend you consider taking professional tax advice from an accountant or discussing with your tax office.

• Make provisions for how you would make your monthly BTL mortgage repayments in the event of your BTL property being empty, your tenants failing to pay or if interest rates rise.

• You’ll need to arrange insurance that’s specifically for landlords. Find out more about Buy to Let insurance from Barclays.

Ready to apply? Call 0845 075 7070* or speak to a mortgage adviser in your local Barclays branch. Please read our tariff of charges. This information must be read in conjunction with our legal information. ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. To maintain a quality service, we may monitor or record phone calls. Read call charges info.

Link to previous articles: Case Study Example: Barclays Woolwich Offset Mortgage Barclays Woolwich Offset Mortgage Barclays Woolwich Remortgaging Barclays Woolwich: Fixed Rate buyer mortgages Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home

Case Study Example: Barclays Woolwich Offset Mortgage

Case study: Sarah and Simon's story

"We've cut years and thousands of pounds off our mortgage.

"We had an £87,000 repayment mortgage and £7,000 savings. We wanted to be able to get at our savings if we needed to, but use them to our advantage in the meantime.

"So we took an Offset Mortgage. This means we offset our savings against what we owe. So we only pay interest on the difference between the two amounts: £80,000. This is saving us a total of £15,736.75** in interest on our original mortgage term, meaning we could pay it off three years and nine months early.

"The great thing is that our current, savings and mortgage accounts are still kept completely separate and we can have instant access to our savings if we need them." YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. This case history is fictitious but illustrates how this could work for you. Please read the tariff of charges. This information must be read in conjunction with our legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes. Read call charges info. ** This is only true if your savings are not touched and the interest rate remains the same throughout the term.

Link to previous articles: Barclays Woolwich Offset Mortgage Barclays Woolwich Remortgaging Barclays Woolwich: Fixed Rate buyer mortgages Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging

As available on Barclays Woolwich website

Barclays Woolwich Offset Mortgage

Looking for a bigger place or just a better mortgage deal? With our Offset Tracker you could reduce the life of your mortgage term by up to 8 years 8 months or save up to £47,772** in interest.
You benefit from a low tracker rate and get to offset your savings and current account against the total amount you owe. Take a look at our latest deal below.

Offset Tracker mortgage

• Barclays Bank Base Rate + 0.48%, currently 5.98%, for the term of the mortgage. The overall cost for comparison is 6.2% APR.

• Application fee: £595

• No early repayment charge

With Offset Tracker mortgage mortgage you can:

• Borrow up to 80% of the value of your home.

• Repay any amount without incurring an Early Repayment Charge.

• Choose to set up a Mortgage Reserve, which allows further borrowing at mortgage rates (a Mortgage Reserve is a secured overdraft that enables you to borrow against the equity in your home).

• Make overpayments.

• Make underpayments or take a payment holidays (subject to a Mortgage Reserve). Interest will be charged during the payment holiday period.

** Calculation based on the above product; repayment mortgage of £100,000 over a 25-year term that has been offset with £20,000 savings, resulting in a reduction in mortgage term of 8 years 8 months or a saving of £47,772 in overall interest. Calculation assumes balance remains constant throughout the life of the mortgage and that the mortgage loan and savings balance will vary. Outcomes will be either a reduction in payments or a reduction in mortgage term. No interest is paid on balances offset against the mortgage. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read the tariff of charges. This information must be read in conjunction with our legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes.

Link to previous articles: Barclays Woolwich Remortgaging Barclays Woolwich: Fixed Rate buyer mortgages Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home

Barclays Woolwich Remortgaging

You've had your mortgage for a while, it's no longer competitive or your current mortgage deal is coming to an end. Does this sound like you?
If so take a look at our range of Woolwich Switch & Save® mortgages below. You could make big savings with a far better deal.

10-year fixed Remortgage Plan

5.89% until 30 April 2018, then for the remaining term Barclays Bank Base Rate + 0.95%, currently 6.45% The overall cost for comparison is 6.3% APR†. More Details on Barclays Woolwich 10-year fixed Remortgage Plan….

Lifetime Tracker Remortgage Plan

Barclays Bank Base Rate + 0.47%, currently 5.97%, for the term of the mortgage. The overall cost for comparison is 6.1% APR†.More Details on Barclays Woolwich Liftime Tracker Remortgage Plan….

Mortgage Reserve

Take advantage of a Mortgage reserve - a convenient way of freeing up some cash by enabling you to borrow money at mortgage rates of interest. More Details on Barclays Woolwich Mortgage Reserve….



† Important information

Lifetime Tracker: Offers a non-disclosed valuation and either no fees for in-house legal services or £200 cashback. No application fee. No early repayment charge. Borrow up to 80% of the value of your home.

10-year fixed rate: Offers a non-disclosed valuation and either no fees for in-house legal services or £200 cashback. Application fee: £995. Early repayment charge: 6% of the balance repaid if the mortgage is repaid in whole, part or transferred to another scheme before 30 April 2018. Borrow up to 80% of the value of your home. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read our tariff of charges. This information must be read in conjunction with our legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes.

Link to previous articles: Barclays Woolwich: Fixed Rate buyer mortgages Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home

Barclays Woolwich: Fixed Rate buyer mortgages

A fixed rate mortgage could be the perfect deal if you're unsure which way interest rates are going.

They also help if you're planning ahead or working to a budget. Fixed rate mortgages mean you know exactly what your monthly repayments will be - perfect for the control freak in you.

What the fixed rate mortgages offer:

• Fully flexible mortgages you don't need a degree to understand.

• The option of a Mortgage Reserve, allowing additional borrowing at standard variable rate.

• Subject to the availability of a Mortgage Reserve, you could apply for a payment holiday or make overpayments or underpayments.

• Choose from a range of fixed rates, subject to availability.

• The comfort of knowing how much you'll pay.

• After the fixed rate period your mortgage will switch to a competitive rate linked to the Barclays Bank Base Rate.

1-year Fix and Track

5.49% until 30 April 2009, then for the remaining term Barclays Bank Base Rate + 0.39%, currently 5.89%. The overall cost for comparison is 6.1% APR. Application fee: £995. Borrow up to 80% of the value of your home.

2-year fixed rate

6.09% until 30 April 2010, then for the remaining term Barclays Bank Base Rate + 0.95%, currently 6.45%. The overall cost for comparison is 6.7% APR. Application fee: £995. Borrow up to 80% of the value of your home.

5-year fixed rate

5.95% until 30 April 2013, then for the remaining term Barclays Bank Base Rate + 0.95%, currently 6.45%. The overall cost for comparison is
6.5% APR. Application fee: £995. Borrow up to 80% of the value of your home.

10-year fixed rate

5.89% until 30 April 2018 then for the remaining term Barclays Bank Base Rate + 0.95%, currently 6.45%. The overall cost for comparison is 6.3% APR. Application fee: £995. Borrow up to 80% of the value of your home.

Early Repayment Charges:

1-year Fix and Track: 1% of the balance repaid will apply if the mortgage is repaid in whole, part or transferred to another scheme until 30 April 2011. This mortgage may be switched to any Woolwich fixed, or capped rate between 1 May 2009 and 30 April 2011 subject to availability at the time, without incurring an early repayment charge on the mortgage you are leaving.

2-year fixed rate: 3% of the balance repaid will apply if the mortgage is repaid in whole, part or transferred to another scheme until 30 April 2010. However, you can overpay up to 10% per year during the fixed rate period without incurring an early repayment charge.


5-year fixed rate: 3% of the balance repaid will apply if the mortgage is repaid in whole, part or transferred to another scheme until 30 April 2013. However, you can overpay up to 10% per year during the fixed rate period without incurring an early repayment charge.

10-year fixed rate: Early repayment charge: 6% of the balance repaid will apply if the mortgage is repaid in whole, part of transferred to another scheme until 30 April 2018. However, you can overpay up to 5% per year during the fixed rate period without incurring an early repayment charge. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read our tariff of charges. This information must be read in conjunction with our legal information. • Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes. Call charges Apply.

Link to previous articles: Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home Guide to Alliance & Leicester Mortgages

Barclays Woolwich: First-time buyer mortgages

Buying your first home can be daunting - not least taking your pick of the mortgages on offer. See our fixed rates for easier budgeting at the start of your mortgage.
At Woolwich, we offer all of our products to first time buyers, giving you maximum choice.
Barclays Woolwich current deals include:

2-year fixed rate

6.99% until 30 April 2010, thereafter reverting to the Barclays Bank Base Rate (which is variable) currently 5.50% + 0.95% = 6.45%. The overall cost for comparison is 6.8% APR.

• Borrow up to 95% of the value of your home.

• No application fee.

• Early repayment charge: 3% of the balance repaid until 30 April 2010.

Read our first-time buyer guide for help with everything from choosing the right street to securing your new home.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read our tariff of charges. This information must be read in conjunction with our legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes. Read call charges info.

Link to previous articles: Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home Guide to Alliance & Leicester Mortgages Alliance & Leicester Mortgage Loans FAQ-1

Barclays Woolwich Mortgages: Buying your first home

Barclays Woolwich Mortgages: Buying your first home

Buying Your First Home:

Barclays is there to help you. Buying your first home can give you a lot to think about. Why not spread the load and take advantage of our experience when it comes to mortgages?

What Woolwich mortgages give you:

• Fully flexible mortgages you don't need a degree to understand.

• Plenty of choice.

• Fixed or variable rates.

• No higher lending charge (a fee sometimes charged by a lender when the amount you want to borrow is more than a given percentage of the value of the property).



Barclays Woolwich offers 2 kinds of Mortgages for first home buyers:

1. First-time buyer mortgages Great fixed rate deals to guide you gently on to the property ladder. Details of 2. Fixed-Rate Mortgages Designed so that you always know how much you'll pay each month. Details of YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read the tariff of charges for Barclays. This information must be read in conjunction with their legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes. call charges will apply.

Link to previous articles: Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home Guide to Alliance & Leicester Mortgages Alliance & Leicester Mortgage Loans FAQ-1 Alliance Leicester Mortgage Jargon Buster

Alliance Leicester Guide to remortgaging

You may want to switch your mortgage to enjoy a better rate, or you may want to borrow extra money for some home improvements, but what is remortgaging really all about?
What is a remortgage?
Remortgaging is the process of moving your mortgage to a new lender without moving home – you just take a new mortgage to pay off your current one.
Why should you think about remortgaging?
By remortgaging you can take advantage of the current mortgage deals on offer, and…
…you could save money
Remortgaging is a great way to save money. Find out what interest rate you are paying on your current mortgage, and see if you could get a lower rate with Alliance & Leicester and save money.
…you could raise money
Remortgaging can help you release any money locked up in your home. If you are looking to raise a bit of extra cash for home improvements, a well deserved holiday or even a new car, remortgaging may be a cost effective option. And if you can also save money by lowering your interest rate, your mortgage payments could cost less than you think.
…you could consolidate your debt
Remortgaging, taking advantage of lower interest rates and borrowing a little extra can be a cost effective way to consolidate any expensive debt you may have e.g. credit and store cards or loans.
…you could avoid moving home
The news is full of rising house prices, so if a new home seems out of reach, why not improve your current home? You could remortgage to raise money to add an extension – you may increase the value of your home too!
When should I remortgage?
If you are coming to the end of your current deal – maybe a fixed or discount rate, or if you are paying your lenders Standard Variable Rate start thinking about remortgaging and saving money now.
The remortgage process
Step 1 Decide if and why you want to remortgage. Do you want to remortgage to borrow more money? If so you need to make sure there is enough equity in your property.
Or, do you want to save money or look for a better mortgage deal? Have a look at our range of mortgages or use our Quick Quote calculator to see if you could save money by remortgaging to Alliance & Leicester.
Step 2 Contact your current lender for a redemption statement, and do your maths! Make sure you will be better off by remortgaging, there will be fees and charges involved so make sure the savings outweigh the costs.
Step 3 Take a look at our mortgages and find a deal to suit your needs. View our mortgage range. If you are not sure what mortgage you want, we can help you choose

Step 4 Produce your Key Facts Illustration for your chosen mortgage – this will tell you everything you need to know to make a decision about your mortgage. Step 5 Apply for your mortgage, call us on 0800 056 3254† THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT †Our lines are open 8am-9pm weekdays and 9am-5pm Saturdays. Calls are free from UK landlines although call charges may vary from mobile phones. Mortgages are subject to status, valuation, availability and our lending policy.

Link to previous articles: Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home Guide to Alliance & Leicester Mortgages Alliance & Leicester Mortgage Loans FAQ-1 Alliance Leicester Mortgage Jargon Buster Alliance Leicester Lifetime Base Rate Tracker