Barclays Remortgage

Hi
 My mortgage ic coming to an end in April 2024 and I called them to lock in a remortgage rate and agreed on a product with a fee of £999 which I agreed to add to the loan amount. What I noticed is they already added this to my outstanding loan and started collecting the interest for the extra £999. I thought they will do this only when the current term ends in April.

Just wondering what will happen If I decide to go with another bank for my re-mortgage? Will they refund £999 along with the extra interest they charged?

Thanks
Maveli

Comments

  • Brie
    Brie Posts: 9,345
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    But you say you agreed to the new rate and that it should be added to the mortgage.  Have a look at your T&Cs if you want to cancel - there may be a 14 day cooling off period. 
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • maveli
    maveli Posts: 590
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    Brie said:
    But you say you agreed to the new rate and that it should be added to the mortgage.  Have a look at your T&Cs if you want to cancel - there may be a 14 day cooling off period. 
    Yes, I agreed. But I was told on the phone that I will get the fee back, But can't see this anywhere in T&C
  • Brie
    Brie Posts: 9,345
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    maveli said:
    Brie said:
    But you say you agreed to the new rate and that it should be added to the mortgage.  Have a look at your T&Cs if you want to cancel - there may be a 14 day cooling off period. 
    Yes, I agreed. But I was told on the phone that I will get the fee back, But can't see this anywhere in T&C
    Make a note of the date, time &, if you can remember, who you were talking to.  They will have a recording of the call in case you need to lodge a complaint if the info you received is wrong.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • I am assuming OP has done a product change, not a remortgage. I had a similar experience in September 2022 (Peak Truss & Kwarteng). I decided to arrange a product change before the end of my fix, where the new rate (3.15%) was higher than the old rate (2.44%), and I explicitly asked the Barclays advisor to arrange for the new product to become active as late as possible, I think it was 90 days back then. This was ignored by Barclays, and the new product (and rate) kicked in almost immediately, so for about 2 months I was paying higher interest than I should have. I decided to not complain, because interest rates were going up daily, and I felt lucky to be able to bag a product that is unlikely to be available for years to come. @maveli - I suggest that you check if your rate has changed to the new product, as I think there is a very high chance your new product has kicked in immediately, similar to how it happened to me, which would explain the fee being already added to the balance.
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