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 |
0 comments:
Post a Comment