Don't understand these ERCs from Barclays, could someone explain please?

DaReverend

A) For Offset Tracker Rate Products EPC listed as:
Full redemption. 1% of the original balance for 2 years.

For Tracker Rate Products:
1% of the balance repaid for 2 years.

That's just not English. Does it mean there's an EPC paid OVER 2 years? E.g. if I borrowed £100,000, paying £500/month for two years then paid it off, in A) I would pay(1% of £100,000 = £1000) EPC spread over 2 years, and in I would repay 1% of (£100,000-£12000=£88,000), so £880 spread over 2 years?

Edit - in I'm ignoring the interest which would have been charged over those two years, so remaining balance would be a bit higher obviously.

Thanks to anyone who can help.

Rob

dimbo61

If you repay the mortgage within 2 years you will have to pay 1% of the original amount borrowed.
I also have a Barclays offset tracker.
Do you need to repay the mortgage ? Can you wait till the 2 years are up ?

DaReverend

No, I don't need or want to repay it within two years (if I took it out). So you're saying there's no EPC if I hold it for two years or more? That correct?

That's excellent news if so, thought they would be meaner than that.