Anyone repaid a Barclays mortgage recently?

alfiesmum

I'm absolutely thrilled to say that after looking at all the figures this afternon, we are finally in a position to pay off the mortgage! Can't believe it.

I rang Barclays to obtain a redemption statement. Lady said they send a preliminary statement, once I've seen it, I ring them back, tell them the exact date I want to pay, and they then send me an exact statement. OR, she said I can take the preliminary redemption statement into any Barclays branch, and mortgage section will immediately fax to that branch a statement, and I can pay there and then over the counter.

Previous experiences of Barclays branches, have shown me that they did not know how to take a cheque overpayment of my mortgage on more than one occassion - so how likely is it that they will be able to receive a fax, and take full payment?

Has anyone out there got experience of this - and how did it go for you?

Many thanks for reading this. x

getmore4less

If you are outside any penalty period you can probably do a DIY large overpayment thn just leave it to run the term out.

Handy if you ever need some funds they will be sitting in the current account as an overdraft allowance at SVR which is realtively cheap.

alfiesmum

Unfortunately we've got 6% ERC to pay up! But still worth it.
I've never really got into how the current account attached to the mortgage worked - never borrowed any money other than mortgage.

Just can't wait to be shot of Barclays altogether to be honest - they've been a source of such worry and anxiety, dealing with customer services is so stressful. Not even their multiple 'complimentary' hampers can make up for the treatment we've had!

mirry

we paid ours off 6 weeks ago , we did it this way ....

Go onto Barclays website, sign in (you may have to phone them if you dont have a pass word) and then click service my mortgage.
And transfer the money across.

They told us we had no charges. We only received the deeds this week, but its a wonderful feeling.

Congratulations :T

alfiesmum

Thanks Mirry, congratulations on completing your mortgage too!! I'm hoping it's going to be a great feeling.
We only have a repayment mortgage with Barclays (thankfully!), so don't have any online banking facility unfortunately.

I thought it would be a case of ring up for redemption statement, pay the figure on the bottom of it by cheque by return post. Never knew it was going to be so drawn out, 2nd statements and so on. I just hope my last EVER dealings with them goes smoothly...

Thanks again. x

Beckyy

Are you on a fixed term, if so how long is left to run?

I would go into branch and talk to them about it in a 'I'm thinking about doing this and the call centre advisor said it works like this, is that correct?' basis. See how they take to it, and if you have a knowedgeable member of staff ask for them specifically when you do it. If not then I would do it the other way. Congratulations

alfiesmum

Beckyy that's brill. I'm within walking distance too, so easily done. I'm so excited/worried about it going well, it honestly hadn't occured to me to just pop in and ask them in branch first, whilst I'm waiting for the redemption statement to arrive. Thank you.

We're on a 10 year fix, until 2017. But worked out that we'll still be saving on interest after ERC of 6%. We've managed to whittle a 25 year mortgage down to under 6 yrs. Maybe it's at the expense of clear thinking some days eh! Thanks Beckyy. x

getmore4less

Check your T&C for any convertion to offset, some had them.

check if you can reduce the term and what that will cost(increases payments)

check the ERC % change dates and overpayment limits there is likely to be some optimum stratagy which may be different from paying it all off now.

mgdavid

we've had an Offset mortgage with Barclays for many years, paid off 6 months ago. Online banking came up with a rough redemption figure (no redemption fee), I phoned to confirm what the precise figure would be on a set date at the end of the month, and on the day before simply transferred the amount, again with online banking. I've never had a moment's upset with Barclays in 40-odd years but how anyone manages without online banking I simply don't understand, talk about doing it the hard way.

alfiesmum

getmore4less wrote: »

Check your T&C for any convertion to offset, some had them.

check if you can reduce the term and what that will cost(increases payments)

check the ERC % change dates and overpayment limits there is likely to be some optimum stratagy which may be different from paying it all off now.

Will definitely check that all out. The ERC comes in at just over £500 for the balance we have remaining now. I'll be 'wrangling' all the money today ready for when I get the final figure.

I can definitely recommend reducing the term, we reduced ours to 10 years, which was the length of the ten year fix (if that makes sense), and it's one of the major factors of paying it so quickly, for sure.

Thanks so much for your suggestions. So looking forward to the actual redemption, and no more Barclays (I think that's more comforting than no more mortgage to be honest!)