Barclays Overpayments

miss_undastood

Recently I took out a Barclays mortgage, it's my first ever house, I'm just out of uni, but I was wondering how I could make overpayments, I've seen on other posts people doing this regularly and one-off payments.

Any help is greatly appreciated.

Thanks

abby1234519

If you contact barclays and ask them for the account details you can set up a standing order, or each month make an overpayment of what you are able to. You would then use your mortgage account number as a reference.
One question, do you have any back up savings? Might be an idea to have a couple of grand just in case you lost your job or boiler exploded, yes I like to think of the dramatic incidents!

TotallyBroke

You will also need to check your terms and conditions. Some products allow overpayments without penalty others do not.
I myself can overpay by 10% of the balance without incurring a penalty. Some more some less. So do check before hand

miss_undastood

Thanks guys

I have read my t&c's and I am able to overpay by as much as I like; however if I finish the mortgage before the end of the term then I have to pay a £275 exit fee - although the interest I will save will far outweigh the cost of that!

I also aim to keep at least 5k spare for the emergency plumbing/boiler/car repairs and general contingencies; so there is no way that I can afford to overpay just yet, I was just curious as to how I would go about it.

I rung Barclays today to find out their account number and sort code and I have set up the bank transfer ready for if I ever were to suddenly have free cash.
I'd like to be mortgage free ASAP as I don't like the idea of having a stonking huge mortgage for the rest of my life - any money saving hints and tips appreciated!!