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About us

Mortgages

Which part of Barclays will I be in?

Our UK Retail Mortgages will be included in the new ring-fenced bank from April 2018.

Mortgage customers and clients will continue to have access to the same products and services they have now, and will be able to keep banking the way they’re used to, via online or mobile banking, over the phone, in-branch or via their relationship manager.

How does this affect me if I’m not transferring to the ring-fenced bank?

There should be no changes to your mortgage arrangements.

How does this affect me if I am transferring to the ring-fenced bank?

You will see some minor changes to the way we manage your mortgage payment and how your mortgage operates. For many of these changes you do not need to take any action.

You can find out more about these changes in the Frequently Asked Questions below.

Restrictions on Transfer and Court Orders

Where accounts that would otherwise transfer to the ring-fenced bank are held by customers who are subject to an asset freeze under any applicable sanctions regulation, or where they cannot be lawfully transferred for any other reason, the relevant accounts will be retained by BBPLC until the transfer can be lawfully made.

Where accounts that are transferring to the ring-fenced bank are the subject of a Court order imposing restrictions upon them (such as a freezing order), the items will be transferred to the ring-fenced bank as intended, but they will continue to be subject to the same restrictions under the relevant order after the transfer as applied immediately before the transfer. If your account is subject to a Court order, the terms and conditions of the Court order will remain in place. Please refer to the terms and conditions of your Court order for details of what activities are allowed on your account.

  • Certain Terms and Conditions will need to change, principally to ensure that our customer and client contractual relationships continue to work in light of our new structure, and to comply with ring-fencing requirements. Examples of this include:

    • Changing references from Barclays Bank PLC to the new name of our ring-fenced bank;
    • If necessary, changes to confirm that your personal data may be shared between our ring-fenced bank, Barclays Bank PLC, their respective subsidiaries and other parts of the Barclays Group. For more information, please refer to “Will the change affect how you use and share my personal data?” below;
    • If necessary, changes to ensure existing bank rights are preserved with respect to set-off and rights of deduction on transfer from Barclays Bank PLC to our ring-fenced bank; and 
    • Changes to mortgages that track (or will track in the future) the Barclays Bank Base Rate such that your mortgage interest rate will no longer refer to Barclays Bank Base Rate and will use the rate set by the Bank of England, the Bank of England Base Rate, or in the event that the Bank of England Base Rate no longer exists, such replacement rate as the ring-fenced bank may specify. For more information, please refer to “Changes to how your mortgage operates” below.
  • Although the Barclays entity with which you have a relationship may be changing, the way in which we handle your personal data, including your account details and contact information, as well as the purpose for holding it and way it is used, will remain as set out in your customer agreement or other product or service documentation. In particular, we will be under the same obligation to uphold your data protection rights and to keep personal data secure.

    After the change, your personal data may be shared between our ring-fenced bank, Barclays Bank PLC, their respective subsidiaries and other parts of the Barclays Group. We have clarified in the ring-fencing transfer scheme that we are able to share your personal data in this way and any changes will be deemed to be made to our agreements with you, only where it is necessary.

  • Certain liabilities of Barclays Bank PLC relating to the business that is being transferred to the ring-fenced bank will transfer to the ring-fenced bank. These include any liabilities in relation to products moving to the ring-fenced bank under the ring-fencing transfer scheme, the sale of payment protection insurance to any UK customers of Barclays Bank PLC and the sale of interest rate hedging products which are linked to products (such as loans) transferring to the ring-fenced bank.

    Any ongoing or future proceedings (including claims or complaints before any court, governmental or regulatory authority or ombudsman (including the UK Financial Services Ombudsman)) being brought by or against Barclays Bank PLC in respect of the business that is being transferred to the ring-fenced bank will be transferred to the ring-fenced bank (in respect of liabilities transferring to the ring-fenced bank or the business being transferred to the ring-fenced bank).

Mortgages

  • I pay my mortgage by direct debit; how do these changes affect me?

    From 1 February 2018, the details of the Direct Debit mandate for your mortgage payment, which you see on your bank statement, will read ‘Barclays UK Mtges’.

    You don’t need to take any action.

    I pay my mortgage by debit/credit card; how do the changes affect me?

    The name of the organisation to which you make your mortgage payments has changed on your bank statements from Woolwich/Barclays to Barclays Mortgages.

    You don’t need to take any action.

    I pay my mortgage by cheque; how do these changes affect me?

    In 2018 we’ll retire the Woolwich brand. As a result, all cheques issued by our mortgage team will be Barclays branded.

    From 1 February 2018, you’ll need to make your cheques payable to Barclays.

    I pay my mortgage by standing order; how do these changes affect me?

    We have made an internal change to how we process standing order payments.

    You don’t need to take any action.

    I pay my mortgage by cash; how do these changes affect me?

    We have made an internal change to the sort code of the account to which you make your mortgage payment.

    If you pay your mortgage by cash, please go into your nearest branch to find out the new sort code.
     

  • How do these changes affect Barclays Bank Base Rate?

    If you have a mortgage that tracks (or will track in the future) the Barclays Bank Base Rate, creating the ring-fenced bank will change your mortgage agreement.

    This means your mortgage interest rate will no longer refer to Barclays Bank Base Rate and will use the rate set by the Bank of England, the Bank of England Base Rate (or in the event that the Bank of England Base Rate no longer exists, such replacement rate as the ring-fenced bank may specify).

    Barclays Bank Base Rate tracks the Bank of England Base Rate, but is not always guaranteed to do so. This change itself will not change your monthly repayment, however your mortgage rate will instead track the Bank of England Base Rate.

    As Barclays Bank Base Rate has been the same as the Bank of England Base Rate for many years, you should see no difference to the way you bank.

    Do these changes have tax implications for residents outside of the UK?

    There will be no changes in tax position as a result of ring-fencing for customers and clients who remain fully served by Barclays Bank PLC (BB PLC).

    In all other cases e.g. customers and clients moving to our ring-fenced bank or customers and clients who remain served by BB PLC, but with one or more product/service moving to the ring-fenced bank, we do not believe these changes will impact your tax position. However, as Barclays does not provide tax advice, we suggest you speak to a tax advisor.

    How do these changes affect cheques produced by Barclays Mortgages?

    In 2018 we’ll replace Woolwich and Barclays branding with Barclays only branding within our mortgage operations team. As a result, cheques issued by our mortgage team will be Barclays only branded.

    You don’t need to take any action.



 

 

Concerns, complaints and further information

You can raise any concerns or complaints about the Scheme directly with Barclays here through Barclays’ Objections Portal. We will respond via your preferred contact method in relation to the Scheme-related concern or complaint you have raised. Any concerns or complaints raised in this way are not Statements to the Court. Information about how to make a Statement is available under ‘Statements to the Court’ here.

Barclays’ Objections Portal can also be used to request further information about the Scheme.
 

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