Switch mortgage rate - Barclays Existing Customer

mikki6416

Hello Everyone,

Thanks in advance for your replies

So, my husband and I have a 2 year fixed rate mortgage with Barclays which comes to an end early next year. We'll then be on a standard variable rate pushing our payments up by at least £300 more a month.

Since taking out the mortgage I gave up my job in order to stay at home with my son, hence we have a reduced household income. As we have a big mortgage, we won't be able to remortgage with a new lender for a better rate unless I go back to work (which I'll do if I really need to).

So, if we request to change to a new rate with our existing lender (Barclays) at the end of the fixed rate, please can you tell me if:
a) They carry out a new credit check?
b) Do another affordability assessment?
c) There is lots of paperwork or is it simple?

We don't need any extra money, we're just interested in switching the rate to keep monthly payments down. Loan to value will be about 75-80%.

Anybody gone through the process with Barclays recently?

I know that other lenders such as Nationwide advertise that they do not carry out new checks but I don't know about Barclays.
I did have a Barclays mortgage back in 2004 and when that offer ended they simply wrote to me offering a new rate and all I had to do was sign for it, however that was a long time ago and pre-recession period so I wondered if the process was more complex now.

Thanks very much for your answers

amnblog

A) No
No
C) It's simple, we handle them every week for clients

Paspatur

Hi, is that the same for Natwest?
My fix ends 31st July and I thought I may have to just go to 4% SVR as I am no longer employed - income from rental property only
But if they offer me another deal and there is no affordability that would be good
Only small mortgage but every little helps

dimbo61

look on the Barclays/Natwest website for New deals for existing customers.
You might be able to switch online by completing the online forms and just picking one of the deals on offer




http://www.barclays.co.uk/mortgages/existing-customer-centre






http://www.natwest.com/personal/mortgages/mortgage-calculator.ashx




"Online, in branch or by phone
View deals and obtain a personalised quote

If you are eligible to use our online service and are confident in choosing the right mortgage deal for you and are happy to take responsibility for your decisions without any advice, you can renew your mortgage online.
If you prefer to receive advice you can speak with one of our qualified mortgage advisers either in branch or over the phone. We’ll provide advice and recommend a mortgage deal based on your own circumstances"




Taken from the Natwest website so you can decide for yourself and apply online

sam2015_2

Do you do online banking? The list of new deals should appear on your online account when the current fixed ends. It did on my account but I haven't done anything about it yet. You can choose the product and submit online if you wish. Not sure whether they do affordabilty check, etc.

Paspatur

Many thanks for replies and sorry for hijacking the OP's thread
Yes I have online banking but so far no offers but should see them in a few weeks as says eligible to switch 3.5 months before end of fix so mid April

sam2015_2

sam2015 wrote: »

Do you do online banking? The list of new deals should appear on your online account when the current fixed ends. It did on my account but I haven't done anything about it yet. You can choose the product and submit online if you wish. Not sure whether they do affordabilty check, etc.

It is in Barclays. Not sure what the other banks do.