Barclays Bank

[Rowland]

Last July one of my mortgages came out of it’s fixed rate . I went on line and weighed up the pros and cons of the offers available at the time then sent off the relevant information for the new fixed rate ,1.75% for 5 years or near enough.
I’ve spoken to a few people recently who have been trying to get finance or new mortgages and at present it’s a very slow process by all accounts. With this in mind I knew my new rate wouldn’t be applied any time soon. At the start of this month the payment for the mortgage hasn’t been taken “oh well I must have changed the payment date with the new rate so It should come out later this month”.I received a letter from Barclays today informing me that the new rate has been accepted and they have back dated it to July so I have over paid quite a bit of interest so no payments for the next few months. Happy days
Thanks Barclays

 

[ACEngineering]

Last July one of my mortgages came out of it’s fixed rate . I went on line and weighed up the pros and cons of the offers available at the time then sent off the relevant information for the new fixed rate ,1.75% for 5 years or near enough.
I’ve spoken to a few people recently who have been trying to get finance or new mortgages and at present it’s a very slow process by all accounts. With this in mind I knew my new rate wouldn’t be applied any time soon. At the start of this month the payment for the mortgage hasn’t been taken “oh well I must have changed the payment date with the new rate so It should come out later this month”.I received a letter from Barclays today informing me that the new rate has been accepted and they have back dated it to July so I have over paid quite a bit of interest so no payments for the next few months. Happy days
Thanks Barclays

you can overpay most by 10% of the outstanding each year.

years ago our rate was something like near 5% so when that fix ended and all the rates had dropped i keep overpaying as much as i can, taken many years off our mortgage by doing this.

 

[Rowland]

you can overpay most by 10% of the outstanding each year.

years ago our rate was something like near 5% so when that fix ended and all the rates had dropped i keep overpaying as much as i can, taken many years off our mortgage by doing this.

It’s not an over payment of the mortgage but they’ve charged me to much interest over the last few months. It’s the interest I’m getting back.

 

[jendan]

It’s not an over payment of the mortgage but they’ve charged me to much interest over the last few months. It’s the interest I’m getting back.

They only do it because they get automatic checks by the FCA,and the fines can run into Millions. So to pay you back a few thousand,and others similar,is peanuts in comparison. Dont think for one moment they are doing it for your benefit.They are doing it to keep their own noses clean.

 

[Rowland]

They only do it because they get automatic checks by the FCA,and the fines can run into Millions. So to pay you back a few thousand,and others similar,is peanuts in comparison. Dont think for one moment they are doing it for your benefit.They are doing it to keep their own noses clean.

They could have done it from when they received the paperwork which was probably September October. Don’t kid your self banks do what they are supposed to there’s to much to check.

 

[Rowland]

I’ve recently had a big ding dong with a different lender. In the end it was a threat to the Financial Ombudsman Service that got things sorted.

 

[ISCO]

We had similar on variable rate mortgage which started at around 7% in 2000. When rates crashed they did not reduce payment.
When I quiried a few years later they offered a refund or reduced future payments.

 

[Highland Mule]

you can overpay most by 10% of the outstanding each year.

years ago our rate was something like near 5% so when that fix ended and all the rates had dropped i keep overpaying as much as i can, taken many years off our mortgage by doing this.

I’m doing the opposite and underpaying as much as I can. Mortgage is 0.17 over BoE, and non cash savings (share based unit trusts) returned 9% or so last year. Happy to keep going like that as long as I can - the difference now has me significantly ahead and I could pay off the mortgage tomorrow if I wanted.

 

[Juggler]

Anyone know where I stand with getting out of a 15 yr 5.5% fixed rate mtg with Lloyds? 6 years left and eye watering break fee..
Before anyone points it out, my poor judgement I know.

 

[Highland Mule]

Anyone know where I stand with getting out of a 15 yr 5.5% fixed rate mtg with Lloyds? 6 years left and eye watering break fee..
Before anyone points it out, my poor judgement I know.

I’d be overpaying by as much as you can, on the first date you can every year.
5.5% doesn’t sound too horrid though - what is available on a new one with similar LTV?

 

[Still Farming]

Looks like a Barclays New member ,be on here that could help??

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[chickens and wheat]

Hsbc have started adjusting my loan repays to take into account the rate drops 9 mths ago.
I was quite happy to leave them as they were and finish the loan sooner.
6 and 2 3's really

 

[Rowland]

Anyone know where I stand with getting out of a 15 yr 5.5% fixed rate mtg with Lloyds? 6 years left and eye watering break fee..
Before anyone points it out, my poor judgement I know.

Would it be worth taking into account your redemption fees and adding them on to a new loan. For example say you owe £100k and redemption fee is 10 k would taking a new loan out on 110k at a better interest rate be cheaper than what you are paying now? Hope that makes sense