Barclays part redemption limit

Xbigman

Last week I was in a position to pay 19k off my Barclays mortgage in one go. I expected this to be an overpayment but apparently its classed as a part redemption and thus reduces the payments not the term. Does anyone know what Barclays limit is for overpayments to become part redemptions?
Having spent 40 mins on the phone to Lloyds fraud dept to get the transfer through in the first place I really don't want to phone another bank if it can be avoided.



Darren

dano17439

I think you can pay off 3 months equivalent contracted payments without incurring a penalty with Barclays - i.e if your contracted payment is £500 per month, you can pay £1500 per month and be fine


This is my arrangement, but im with Barclays by default as its an old ING Direct mortgage that Barclays took over