Barclays Remortgage Advice

Phil3822

Hello all,


I have a 3 year fixed product with Barclays/Woolwich which ends in February. I phoned them yesterday for an overpayment query and they asked if I wanted to speak with them about a new deal etc. I did not have time however it got me thinking.


I am looking at a 10 year fixed deal and have found deals I am happy with elsewhere however Barclays offer the same deal but with a £1499 arrangement fee. Is the fee negotiable? If it is not there is no point in me speaking with them and I will remortgage with one of the competitors. Thought it was worth asking on here first and for any other advice that may come along.

kingstreet

Fees aren't negotiable, they are an integral part of the pricing of the product, along with the rate and the early repayment penalty.

You take these and other issues, such as any transfer costs (including the discharge cost of your existing mortgage) in determining the right product for you.

Phil3822

Thanks for your response. I expected this to be the case and have already worked out the overall cost for comparison and it is not as competitive with the arrangement fee so high.

ethank

Bear in mind if you do move to another lender, you will have other costs to pay (such as legal costs, valuation, etc) so make sure that you are comparing the costs with everything included. Some lenders will offer free legals for remortgages though, don't know if the other lender you looked at included this.

amnblog

You say you did not have time to speak to Barclays about a new deal.

How then do you know what they can offer you?

Phil3822

Thanks for the replies.

I have not personally been offered anything by Barclays yet, only that they wish to assist me in finding a new deal with them.

When I said " Barclays offer the same deal" I meant as in advertise and offer it within there line up. I know I would have to be accepted but no point in applying or taking things further if it's not cost effective etc.

ethank, I will look at the overall picture as best as I can. The broker I use is also having a look to see what he can offer for me needs.

amnblog

Your broker may be able to access rates with your current lender that are not advertised to new borrowers - hence my question.

Phil3822

Ok, makes sense thanks. When I spoke with the broker he was a bit miffed Barclays had even mentioned anything to me. He said he would be able to access anything I need so will see what he can come up with first. Always saved the hassle for me in the past even on deals which do not pay him commission in which case he charges.