Can I cancel my mortgage.

[ffsear]

I recently agreed a new mortgage rate with Woolworth/Barclays back in July.. 1.99% tracker which is now down to 1.74% since the rate. However I'm still on my old term of 4.99%, as the new rate does not kick in until October 1st.

Now looking around there seem to be even better rates available. As my new mortgage hasn't kicked in yet, am i able to cancel it before it does, or am i already bound to the new contract.

Obviously i'd ring Barclays to discuss, but 45 mins on hold was all i could take before hanging up.

 

[Trader333]

It will depend on what terms you agreed to start with as there may be penalty clauses. It may be a long wait on the phone but you will need to speak to someone at some point in my view.

 

[seb6277]

I am not sure you can cancel that. You can pay it out. But over all I feel like it's impossible for you to cancel your mortgage. I do understand the impulse through. I remember when I was in a little bit of a financial slump and I was trying o find ways to cut back my expanses. I started looking online and I did find this really cool service that helps you figure out how to choose the best loans and what works best for you. (You can check the link below). Anyways it really helped me out and now I am in a safer place financially.



____________________________________________________________
You can check the link here: https://usave.co.uk/loans/