Barclays 3x monthly payment rule

Dave360180

Hi friends 

As you may be aware, there's a 3x monthly payment rule for Barclays mortgages. You can see more here from this reddit link : https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.reddit.com/r/UKPersonalFinance/comments/rj4oab/mortgage_overpayments_without_penalties_you_may/&ved=2ahUKEwjZ95qum4T5AhUKgFwKHfxUBGUQFnoECCYQAQ&usg=AOvVaw1k4CMu31Ftx9D3mAHyCbzV

I'm sitting on a mortgage offer from Barclays. It says Barclays' 5Yr Fixed 2.67% S&S Cback (JK44). My question is, I really want to know whether this product has the 3x monthly payments rule. L&C, the broker, didn't know?!

So, is it ANY Barclays product that has the rule or just some? Are the terms and conditions booklets available on their website to have a peruse as I couldn't find them anywhere? Otherwise I'll have to call them and rely on that. 

Thanks for the help. 

K_S

@dave360180 This page explains how it works https://www.barclays.co.uk/mortgages/existing-customer-centre/overpayment-underpayment-explained/

If you look at the 'Supplementary Conditions' section (last 2 pages) of your Barclays mortgage offer , you should see the below.

Dave360180

Thanks for the reply. 

It sounds like I have the feature then

Does the 3x test apply per month or payment? Eg to pick a trite example can I pay 100 separate payments of £1k all on one day without an early repayment fee? 

K_S

Dave360180 said:

Thanks for the reply. 

It sounds like I have the feature then

Does the 3x test apply per month or payment? Eg to pick a trite example can I pay 100 separate payments of £1k all on one day without an early repayment fee? 

@Dave360180 When I asked my BDM about this last year, I was told it's per month. However, I have seen on this forum posts indicating that borrowers were able to overpay multiple times a month adding up to over 3x without it counting against their allowance. So I don't know tbh. You could test it out with a small amount over and see what happens.