View more on these topics

Barclays extends drop lock to existing tracker customers

Barclays has today extended its drop lock facility to all existing Woolwich mortgage customers who have taken out tracker deals.

The switch & fix allows all existing and new customers on a Woolwich tracker mortgage to switch any current Woolwich fixed rate mortgage deal with no early repayment charge.

It was introduced for new tracker customers in July 2010 but has now been extended to all tracker customers.

Customers are free to switch to any product in the prevailing range of fixed rates including, for qualifying current account customers, Barclays loyalty mortgages.

Barclays head of mortgages Andy Gray says: “This is the right time to extend the Switch & Fix service to all our customers because it’s still uncertain when and how quickly interest rates will go up. It underlines our strategy of offering value to our existing customers and making it easy and transparent for them to switch onto a fixed rate at the time they decide it is most appropriate for them.

“We know base rate is low now, so many people want to make the most of that with a tracker mortgage, but if rates go up at some point, that’s when a fixed rate with set repayments will be valued.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com