Offset Mortgages

vacheron

https://forums.moneysavingexpert.com/discussion/comment/81944578#Comment_81944578

Yes, Barclays asks that question too. Use the interest savings to reduce the monthly payment, or keep the monthly payment unchanged and use the interest savings to pay down the capital… thereby reducing the term.

I think the OP is frustrated that Barclays are taking anything now their mortgage is fully offset. Which is exactly what will happen if they took out a repayment mortgage.

Not convinced the OP will be back to clarify though. 😕

Jemma01

You signed up to 100s of pounds worth of borrowing without reading the papers? 🤔

Diaz09

Worth checking your mortgage terms - some providers let you take a payment holiday when fully offset, but you usually need to request this rather than it happening automatically. The advantage of continuing payments as capital reductions is that you're building equity faster, but if you'd prefer to keep that cash liquid for other uses, speak to Barclays about suspending payments temporarily. Just remember you'll still owe the same capital amount if you stop overpaying.