Re-mortgage with Barclays

OBAone

Hello,

I'm looking to re-mortgage with Barclays, their 2-Year Fixed Rate at 2.29% seems ideal to me. However I would like some independent clarifications from experts on here and from those who have done something similar.

I understand from Barclays that I can PORT the mortgage to another property even BEFORE the fixed term ends without incurring an Early Repayment Charge; and they can increase the mortgage amount. However in the case of additional borrowing, Barclays told me they will open a 'new' mortgage account alongside the 'old' or 'existing' mortgage, which means I will technically have 2 mortgage accounts on my new house.

Therefore I'd like to know whether it will be possible, in the future (when all fixed term have passed), to re-mortgage and combine the TWO accounts together with another lender (not Barclays)? Or is this going to be a problem, a brick round my neck?:D

Is this standard practice or is the concept of having 2 seperate mortgage accounts 'old' and 'new' unique to Barclays?

Thanks in advance for your help.

Thrugelmir

A mortgage is little more than a name applied to a loan. It's possible to have any number of sub accounts secured by one legal mortgage charge on the property with a single lender.

So yes. These can be combined at a later date or left separate as you wish.

The disadvantage of separate accounts is the product fees charged. As the fees will be charged per account. Hence why it's a good idea to merge normally.

minimike2

Not quite right, Thrugelmir. Barclays would only charge one product fee across all sub-accounts being switched to a new rate at the same time, so no disadvantage there in that sense unless one was switched at a later time than another.