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Barclays mortgage reserve when switching mortgage
jellyhead
Posts: 21,555
Forumite
Hi,
I've messaged Barclays so will get a reply within 5 days, but I just wondered if any of you good people can tell me ...
My 10 year fix is up. I'm looking at staying with them, either rolling onto the lifetime tracker rate or fixing again.
Will they want my reserve paying back when the 10 year fix ends?
It didn't occur to me that they might but somebody mentioned it today. I thought it was for the term, which still has another 15 years left. I was planning on carrying on with things as they are, except that my new mortgage rate will be cheaper so I can use the extra to repay the reserve slowly.
I've messaged Barclays so will get a reply within 5 days, but I just wondered if any of you good people can tell me ...
My 10 year fix is up. I'm looking at staying with them, either rolling onto the lifetime tracker rate or fixing again.
Will they want my reserve paying back when the 10 year fix ends?
It didn't occur to me that they might but somebody mentioned it today. I thought it was for the term, which still has another 15 years left. I was planning on carrying on with things as they are, except that my new mortgage rate will be cheaper so I can use the extra to repay the reserve slowly.
52% tight
0
Comments
-
Reserve is normally payable at full term not end of each deal.
Have another read of the T&C to familiarise yourself with your mortgage.
Remember that the reserve is at SVR if not on an offset and accumulates interest as there is no payment plan on reserves.
Barclays are actively trying to reduce peoples reserves.0
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