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 |
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