Bombastic wrote:

I have a tracker mortgage taken out some time ago with The Woolwich
(Now Barclays). My rate is very low because it's a tracker and was
taken out when they tracked at base + 1.25%. I just got a letter that
worries me, it seems to imply that they are going to change the terms
of the agreement and put me on base + 4%. Can they do that?

Tracker deals usually (though not always) come to a natural end after a
length of time which is agreed at entry, even though the term of the
mortgage may be longer, and the default on expiry is to be put on the
lenders standard rate. Could this be what is happening in your case?

Is the new rate really calculated (i.e. described to you) as base+4%, or is
it simply the lenders standard rate, which just happens to be 4.5% at the
moment?