Mortgage term reduction and ID

looking_forward

I have just got off the phone to Barclays and I am a bit pi**ed off, We have had a Barclays/Woolwich mortgage for about 10 years now . I have been speaking to them to arrange a term reduction to pay this off quicker. All going well until my wife was asked to go into local Branch to get Id'd ( don't know why ) She was then informed that because she did not have a passport and her driving licence was not a photo one we could not proceed until this was done . Anyone had this trouble and what was the solution , is there a cheap quick form of recognised photo id she could get ? she doesn't need to change her licence yet and passport will be done next year .

thanks

amnblog

you don't need a term reduction to pay it off quicker.

just pay more within the limits of your deal.

if you want to reduce the term they have to re-underwrite the whole thing under the new rules.

RickyC_IFSWP

amnblog, makes a good point. You could simply overpay within the thresholds and have no penalty.

OP, why can't your wife simply go into the branch with her passport this time? Ask if they accept other documentation if this is not possible, such as 2 other bank statements or letter from solicitor etc.

looking_forward

Thanks for the answers :

Amn - sorrry forgot to say we are already making the max 5% overpayment allowed

Ricky - she has not got a current passport and will have no need for one till at least next year , so given the situation with passports at the moment have left it for the moment.

We have tried her current paper dl , credit card statements , ni contribution letters etc , to no avail . Funny thing was she opened a santander account 6 weeks ago with no problem whatsover ! :huh:

amnblog

5% overpayment limit on Barclays - are you sure?

looking_forward

Yes , it is fixed rate till 2018 at 5% , 5% max overpayment and 5% redemption penalty . I have just checked and it is a Barclays/Woolwich mortgage.

ACG

I have just looked at a recent KFI with woolwich and it states:

A capital reduction of 5% per annum can be made without incurring an early repayment charge.

Im assuming yours is the same?

looking_forward

That is correct - which I have been doing , what is was trying to do was shorten remaining term to speed things up and knock some interest off, but as your correctly state that is effectively a new underwrite !

RickyC_IFSWP

looking_forward wrote: »

Thanks for the answers :

Amn - sorrry forgot to say we are already making the max 5% overpayment allowed

Ricky - she has not got a current passport and will have no need for one till at least next year , so given the situation with passports at the moment have left it for the moment.

We have tried her current paper dl , credit card statements , ni contribution letters etc , to no avail . Funny thing was she opened a santander account 6 weeks ago with no problem whatsover ! :huh:

Have you asked them for the list of documents they accept for ID? I'm surprised they would need to see ID again considering you're an existing customer, and I presume hold other products with them too?

Maybe you need to speak with someone senior if you really cannot meet the ID requirements.

looking_forward

I went into branch this afternoon and spoke to the manager and mortgage advisor , I have been told: no photo id , no changes to the mortgage and they would not even allow her to open an account ! total disbelief ! :wall: