Barclays Interest Rates Capital Over Payments


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      I wonder if anyone can enlighten me! I currently have a Barclays Super Mortgage which is Euibor + 0.75%. I am on the whole reasonably happy with the product but some of the charges on my Current Account seem excessive.
      We have had the mortgage now since Feb 2006 this is when the yearly repayment is set, and like most people we pay up and smile!
      The Interest was set at 3.53% over the next year in 2007 rose to 4.67%, then 2008 5.543%, 2009 4.2% then this Feb 2010 dropped to 1.99%. It was at this point that I have now begun to question the method of the rate adjustment. The interest differentials were only slight in the previous years and saw no significant cause for concern
      I contacted Barclays and talked to the proverbial “gatepost” though I am still in communication with them. My question was this, which I thought was simple; what has happened to all the capital overpayment from my first payment in 2009 to Feb 2010 as interest rates dropped rapidly over this period? I calculate I have over paid Capital by as much an average €150€ a month this year but this seems to have been irrelevant and we start again with a clean slate this year. In this country the capital over payment is recalculated into this years payment
      All I can gather from Barclays is It appears they just calculate the mortgage rate as if you have a new mortgage in Feb with no consideration what has happened over the previous 12 months, swings and roundabouts some years you win some you lose. Is this correct?
      My financial advisor has asked me to question it but I am having difficulty getting anything relevant information out of Spain
      I have checked my mortgage contract and though it is in Spanish and I am in the process of getting it translated but on first glance it does not address the issue.
      Any help information advice or pointers to relevant documentation would be gratefully accepted.

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