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Mortgage deal ending advice
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purplelil
Posts: 7 Forumite
Hi all. I have my mortgage with Barclays and its split into 2 parts becuase i moved around 18 months ago and ported it. The smaller part rate is ending in jan and the rates barclays are offering are worse unless i pay a £1k product fee which seems pointless for a smaller part of the mortgage. I am not impressed as interest rates are lower than when i took it out. Barclays wont combine the 2 parts of the mortgage and the other rate ends in july. I am just wondering if there are any other options or if a broker could help i wasnt sure as it is only part of the mortgage not the whole. I dont want to be wedded to barclays long term as i dont like them!
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Comments
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@purplelil So your main mortgage (larger part) is in a fix until July and the smaller part's fix is ending in Jan. Some of the options you may have are -- let the smaller part lapse on to SVR and then remo along with the larger part in July- PT (product transfer) the smaller part on to a no/low-ERC no-fee tracker product (if one if available and suitable) and then remortgage together in JulyWhat the best route is that is available to you and appropriate for you will depend on the specifics of the loans, your circumstances, etc.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Size/rates of each bit and LTV.
Got any overpayments you want to apy.
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Hi thanks. The smaller bit is about 50k i think and currently on 1.65. LTV is 75% overall i think (or was when i moved in). May be stupid question but if iet it lapse till the other rate is up will barclays then let me combine the mortgage? I dont know why they wont do that. Also if i wait till the other rate is up and remorgage when in advance of that date do i need to start the process as i did it once many years ago and recall it took a long time to go through0
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£50k going to be a few months at ~2% more than a sensible rate
£85pm to get them aligned.
Alternative check the cost of switching to a no fee over the time you plan to do the bigger bit.0 -
What fee free options are currently available to you?0
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