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Tracker Mortgage - Ask for excess payments back if you want!!
maxwell492
Posts: 4 Newbie
Hi
I have a tracker mortgage with the Woolwich now Barclays and contacted them as I noticed that our mortgage hadn't changed as a result in interest rate changes.
I was surprised to learn that the mortgage holder has to contact the bank and ask for the rate to be reset, Barclays only resets theirs in September each year and therefore I have been paying that rate since then - this represents an overpayment of £3200 in our case.
I can now either elect to have this paid back to me or I can leave it to reduce my mortgage balance.
This is for information for people who may find the extra cash helpful at this time.
Max
I have a tracker mortgage with the Woolwich now Barclays and contacted them as I noticed that our mortgage hadn't changed as a result in interest rate changes.
I was surprised to learn that the mortgage holder has to contact the bank and ask for the rate to be reset, Barclays only resets theirs in September each year and therefore I have been paying that rate since then - this represents an overpayment of £3200 in our case.
I can now either elect to have this paid back to me or I can leave it to reduce my mortgage balance.
This is for information for people who may find the extra cash helpful at this time.
Max
0
Comments
-
Well done on the overpayment and if you leave the payment the same you
1 have not missed that money
2 saved yourself thousands of pounds in interest payments
3 wont notice when rates start to go up as you are already overpaying.0
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