• Conveyancing
  • Mortgage Protection
  • Home Information Pack
  • Mortgages Explained
  • Mortgage Providers
  • Mortgage Brokers
  • Best Mortgage Deals
  • Mortgage Types

    Mortgages from Barclays are the most expensive


    A recent survey carried out uncovered that Woolwich who are the mortgage arm of Barclays are the UK’s worst bank when it comes to over charging customers.

    Out of all the biggest bank organisations in the UK, Barclays has an abysmal record in passing on interest rate cuts to homeowners.

    Barclays who made £1.3 billion from mortgages in 2008 are considered by some as rip-off merchants. For example, a homeowner with a £160,000 mortgage would end up paying an additional £3,800 in comparison to other UK banks.

    Eddy Weatherill and John Varley of the Independent Banking Advisory Group blame Barclays of "bleeding customers dry".

    John Varley commented further: "It's no wonder people think bankers are greedy and vicious animals.
    "Barclays has been using the recent flurry of interest rate changes to fatten up profit margins.

    "Instead of doing the decent thing and passing benefits to customers, it has said, 'Great, we'll have a chunk of that to make our profits even juicier'.

    The Bank of England has cut interest rates by 4.5 per cent over the last 6 months and only half of this decrease in rates was passed on to Barclays mortgage holders.

    Free Mortgage Enquiry