UNFAIR early repayment charge

getmore4less

Why are you bothering to overpay now?

The only time you need to reduce the balance is when the new loan is being invoked

As long as the new loan and the cash you have cover the redemption of the old loan at that time it should just work.

sazandy25

by overpaying now we will be charged less interest on the balance, so when we complete anything over what Skipton will lend will be refunded to us.

getmore4less

So it is a standard overpayment without penalty query

The re mortgage is not relevant.

sazandy25

yes, made an over payment of 3575 and was charged ERC, but having spoken to Barclays they have rectified the problem, but feel the only reason they did was that they had advised me that I was able to overpay without penalty.

getmore4less

That looks very close to 2% of the outstanding ballance is that your ERC rate?

Good they sorted it.