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Paying off your mortgage early

Your options explained

Thinking about using savings or a cash windfall to pay off your mortgage early? We can help.

Should you pay off your mortgage with savings?

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

Preparing to pay off your mortgage early

The quickest way is by using Online Banking or the Barclays Mobile Banking 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.

Mortgage settlement amount

You can see a quick estimate of how much you’d need to pay off your mortgage completely in Online Banking or the Barclays Mobile Banking app. Log in to your mortgage account and select ‘Get a mortgage settlement amount’. We’ll ask you to choose a date, and then show you an estimate of what you’d need to pay off the mortgage on that day.

Final redemption statement

Once you’ve seen the estimated settlement amount, we’ll give you the option to order a final redemption statement. This document provides a breakdown of everything you’d need to pay on the date you’ve chosen to pay off the mortgage. It includes any outstanding balance, interest, charges and fees. The statement also tells you how to make your final payment, and provides tips on things you need to consider.

More mortgage options

Manage your mortgage online

See what you can do online and with our app

Make changes easily and securely in Online Banking and see your mortgage details in the Barclays Mobile Banking app.

Mortgage overpayments and underpayments

Changing your payments

Paying more into your mortgage account than you need to can help you pay less in the long term and could set you up to make underpayments – find out how.