Paying off your mortgage early

Wondering whether you should use your savings, or a cash windfall, to pay off your mortgage completely? The answer will depend on your unique circumstances, so think about talking to an independent financial adviser to understand what’s right for you. Here are some points to get you thinking about the pros and cons of paying off your mortgage early.

• If you have other loans or debts, consider whether paying these off first would save you more money than paying off your mortgage
• Using your savings or windfall cash to pay off the mortgage means you won’t have that money to hand if you need it for something else
• An offset mortgage could help you lower your monthly payments or reduce your mortgage term without spending your savings
• If your mortgage has an early repayment charge, make sure you include this when working out how much you’ll save by paying off your mortgage in full

The quickest way is by using Online Banking or in the Barclays app. If you’re not registered for these services, you can call us¹ on 0800 022 4022 or visit a branch instead. Lines are open Monday to Friday, 8:30am to 5:30pm and Saturday 9am to 1pm.

How and when do I make my final payment?

You need to ask us for a Final Redemption Statement (FRS) for the date you plan to repay in full. You’ll see the different ways you can pay on your statement.

If you have a repayment mortgage that’s about to mature and you have a Direct Debit set up, you don’t need to do anything – we’ll collect your final payment. 

If you have an interest-only mortgage that’s about to mature, we’ll write to you six weeks before your maturity date to confirm your redemption figures. You can ask us for this letter at any time.

Once your account is paid off, we’ll refund you anything we owe you and release the charge on your property.

How do I pay off my balance in full?

You need to ask us for a Final Redemption Statement (FRS). You’ll see the different ways you can pay on your statement.

How much will my final payment be?

It’ll be whatever your outstanding balance is, plus any related charges.

When will you release the charge on my property?

We’ll release the charge after your mortgage is completed. It can take up to 30 days after that.

Should I cancel my Direct Debit or standing order?

If you have a Direct Debit, you don’t need to do anything – after we have your money and your mortgage is fully repaid, we’ll cancel your Direct Debit for you.

If you have a standing order, you’ll need to cancel this yourself to make sure you don’t send us more money than you need to.

I paid more than I need to. How do I get my money back?

We’ll refund anything we owe you, but it can take up to 15 working days. We’ll do this automatically – you don’t need to ask us.

When will I get my final statement?

You can get your Final Redemption Statement (FRS) in Online Banking straight away – under ‘Your mortgage’. Or give us a call and we’ll send it to you in the post. You’ll need to tell us at least five days before you need it.

When will I get my deeds?

You need to ask us for these. When we release the charge on your property, we’ll send you a deed letter. You need to sign and return this to us, so we know where to send the deeds. You can give us a call to ask us for your deeds letter if you need it sooner.

How will my deeds look?

This depends on what was sent to us when the mortgage completed. It’s usually a copy of the title information document, but it can sometimes be a large bundle.