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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 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.

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 our 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.

Frequently asked questions

We’ve brought together a number of FAQs to explain what to do if you want to pay off your mortgage with us.

After you’ve paid off your mortgage

If you’re considering savings or property investment once your mortgage payments have come to an end, we can help you with this. 

Savings

Whether you're saving for something big or small, or just a rainy day, we have a range of savings and investment options that could be right for you.

Buy-to-let mortgages

Whether you’re thinking about buying to let or expanding your property portfolio, explore some mortgages, tips and insurance deals to help with your plans.

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 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.

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Frequently asked questions

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.