Barclays Mortgage Early Repayment Charges

imoustache · 29 January 2020 at 3:16PM

Hi there,

I have a mortgage deal that ends on 30/04/2020 and will be remortgaging with another lender.

I have called Barclays, twice now, and they've said that there will be no early repayment charges if I move 30 days before it ends, in this instance 01/04/2020.

I have asked for this in writing, but they don't have a "template" letter to send me.

However, on my offer, it says "Early repayment charges are payable on this mortgage until 30 April 2020 as follows..."

Can I move lenders on the 01/04/2020 without incurring penalties?

Thanks in advance! :money:

foxy-stoat · 29 January 2020 at 3:20PM

imoustache wrote: »

Can I move lenders on the 01/04/2020 without incurring penalties?

The only ones who can let you that are Barclays - you already have had their answer, twice.

All calls are monitored for training so as long as you kept a record of the time and date your good. If you ask for the redemption figure a few weeks before 1st April you will know in writing how much you need to clear your mortgage.

If it were me I would wait until 30th April to move.

[Deleted User] · 29 January 2020 at 3:44PM

Nationwide also do this. They waive erc as soon as the payment is made in the last month.
I don't know barclays policy but its not out of the realms of possibility as other lenders do the same

I expect it's something do to with payments being made in advance or arrears. Your payment on 1st April is for the whole of April so you are all paid up whether you stay the whole month of not.
Other lenders may not take April's payment until 1/5 so then if you left early you wouldn't have made the right number of payments

** I made that last bit up but it sounds plausible to my ears**

Barclays Mortgage Early Repayment Charges

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