Barclays rate switch

FloppyDisk

Has anyone been through the remortgage process with Barclays lately?  We are nearing the end of our fix and need to switch but are near the LTV boundary between 75 and 80% which is a big difference in rates so I'm wondering what the process for valuations is?  We have done a lot of work to the house so believe the value is higher than the HPI might suggest, but is anyone doing valuations during COVID or would this be ignored in a rate switch anyway?

I am on maternity leave so keen to avoid a full remortgage with affordability check (although we are comfortably making OPs so no problem in reality). 

Grateful for any recent experience or knowledge that might help!  Thanks. 

getmore4less

new rates 14 jan.

check out the 7y rates they are a sweet spot with Barclays. on 75%
1.62% £749 
1.89% £0

2y & 5y fix  £999 fee
75% 1.44% 1.67% 
80% 2.08% 2.18%

How far off are you?

FloppyDisk

Yes there is such a big jump I thought it was worth investigating!   I could get the mortgage down to 385k, bought for 463k 3 years ago in good nick but we rejigged the layout so new bigger kitchen and new office but I expect they would have to see it to believe it. 

getmore4less

How much floor space did you add?

FloppyDisk

None added but utilised an old extension that was empty space. 

getmore4less

Probably not added that much then
Starting point is to see where they pitch it with their desk top and then try to work out if you might reach that magic 75% if they will come out. 
on £385kover 5 years its worth around £8.5k(13year)-£9.5k(25years) 

FloppyDisk

Do you know who I can access their desktop figure?  I am due to enter the 90 day period before the end of my fix next week so wondering if it will become available on my account then or if I have to start the process to get their figure?  

getmore4less

That's one for a broker who knows the systems or just have a look at what the offers are when the time comes and give them a call if the info is not there.

I never had to switch after we got the decent offset lifetime tracker rate years ago.

FloppyDisk

Thanks very much for your help, hopefully I can just avoid an affordability check!

IAMIAM

My broker said Nationwide have the best existing customer rates at the minute and to apply to them on a no fee tracker and switch a month later

LRmortgage

Broker can request current valuation for you. Takes around 48 hours or so to come back through the Barclays system. 

We’re not allowed to pitch for business on here, but I’m sure if you contact one of us we’d be happy to help.