Barclays mortgage overpayment limit?

[AreWeNearlyHairnet]

Can I please ask your interpretation of the following phrase on Barclays' website:

"Most of our mortgages let you make additional payments of up to 10% of your mortgage balance in every 12-month period."

Previously, I'm fairly sure it just said "in a year" but it has now changed to "every 12-month period".

My question is... when would you imagine this 12-month period/year starting and ending?
Is it January to December?
Or the financial year?
Or the year after you started the mortgage?

I'm worried about accidentally overpaying somehow.

Thank you in advance.

It’s a rolling 12-month period. So you can’t go over 10% in any 12 month period regardless of the starting date of that period.

I’m assuming it’s from when your first payment was made? My mortgage was taken out in August 2018 which means my 12 month period runs August to August?

I would interpret that literally as they said. In 'every 12 month period', so they have not specified a start date

Thank you all! I think the rolling 12-month period makes most sense.

I'll have to double-check that I haven't overpaid now. Thanks!

My mortgage is with Halifax. We get a statement every January so our overpayment year runs From Jan-Dec. We started our mortgage in June. This confused me at first too. What I also found out just the other day was that you only pay a penalty for the amount over the amount you are allowed to overpay. I always thought you would be penalised a percentage of your outstanding balance.

Oh that's reassuring, @MaggieMcGill

I think we should be OK. I think we might be just under the limit.

I have seen it done differently. Some providers use calendar years, others the 12 month periods from when your mortgage commenced. I have not seen anybody using ‘12 months after you made a repayment’.
To find out you ask them!

I'd interpret that as a rolling 12 month period, but equally I work for a lender who uses policy start date/anniversary date to mark the start of the 12 month period. Either check your detailed T&Cs which should have accompanied your Mortgage Offer or give them a call.

Our mortgage is with Barclays and it's from the start date of the product to the same date the following year. The anniversary of the rate being agreed, not the anniversary of the mortgage actually starting.

So, for instance. I could do a 10% repayment on 31st October and another 10% on 1 November.