Barclays will not send one off lump repayment information in a letter

octaves5000

I am in the process of planning a one-off lump sum payment to Barclays Bank for a large percentage of my mortgage balance, but not the entire balance of the mortgage. 

When I call them on the phone, they are quite willing to give an indicative idea as to what amount the mortgage balance will reset, and to how much the monthly repayments will reset (two years into a five year fixed deal).

However every phone or email contact with Barclays seem highly resistant to the idea of putting what the amounts discussed on the phone into writing in the form of a letter or an email.

I would very much like them to put their estimation into print, given what is is - to me- a large sum of money that is involved in the potential transaction. 

Once various calls and appointments, I have asked for such a letter, to give in writing, some idea of the balance and repayment adjustment after a one-off lump sum payment, but they give different and varying reasons for apparently being unwilling to do this. One of the reasons is that "the projections given at the time of writing may not reflect the balance at the future time the one off payment is made'

The strange this is that they will send a letter if somebody is seeking to pay the entire balance off, including a page with future projections of the full settlement amount. But apparently not for a partial lump sum repayment. 

I find this very strange and highly frustrating. Has anyone had an experience like this, and did they get any success in getting such information in formal written form?

sourcrates

I believe the main reason for this may be because interest is charged on a daily basis.

So until the lump sum you are paying off the mortgage actually hits the account, they won`t know what the exact figures are, a full settlement can be projected as been the settlement figure on a certain date, but with a partial payment you can`t do that.

I don`t see an issue with it, once you have paid the lump sum, you will be told what your balance is, why the necessity for it to be in writing beforehand, its not as if you are dealing with a dodgy debt collector and are looking to settle the debt in its entirety?

Hoenir

octaves5000 said:

When I call them on the phone, they are quite willing to give an indicative idea as to what amount the mortgage balance will reset, and to how much the monthly repayments will reset (two years into a five year fixed deal).

Calculate it for yourself. Easy enough to do.  Until you've actually reduced the balance owed. No lender is going to waste their employee's time with speculative enquiries.