Switch rate cancellation is not reverted by Barclays

Cottage64

Hi, I applied for a new rate in my mortgage on 11/10/24. Mortgage rate was ending on 30/11/2024. On 21/10/24 I was about to exchange the sale of my property and I requested a cancellation not to incur early repayment charges. The buyer pulled out last minute on 4/11/2024 and that was neither my fault nor under my control. I called Barclays, explained circumstances sand asked to be reverted back to new rate agreed on 11/10/24. Barclays would not allow me to revert back to the agreed new fix rate saying I was the one who cancelled.  I issued a formal complaint as I have been constantly a good customer, paying all on time, and I thought the bank should consider that. What is your experience? What is your view on this? 

Hoenir

The basis of your complaint is groundless. As Barclays said was entirely down to you. 

housebuyer143

You cancelled the switch. I imagine the rates have increased and you want the cheaper earlier rate? You can't unfortunately and Barclays are doing nothing wrong. You choose from the rates available at the time. 
They can't treat you differently from anyone else because they are not allowed to under "treating customers fairly" requirement.

Cottage64

thank you for your feedback

saajan_12

The buyer can't have been that unexpected on 11Oct if 2 weeks later you were 'about to exchange'. So you were trying to hedge your bets. You can't just keep your options open.. the bank would have planned for a certain number of customers paying x rate and would hedge their risk to interest rates changing accordingly. You cancelled and so weren't in that group. Now you can't go back to that after cancelling just like the bank can't go to their traders and ask for the prevailing interest rates as of 3 weeks ago. 

No complaint here, you're lucky they allowed the cancellation in the first place. 

amnblog

New Barclays rate options were issued on the 29th October. If they pull a rate, it is no longer available, it is no more complex than that.

You will have access to one of the new rates and I don't recall they moved a great deal.