Remortgage on a new mortgage deal

zwobott

Hello

To cut the long story short...

House bought in March2021, mortgage with Barclays, 5 years fix, 1.34%, monthly repayments £750.

Checked current deals on the market, and if we were to take the same mortgage we would be paying around £550.

Now, is it worth ringing Barclays and asking them if they could/would:

1) be able to offer us a better deal

2) waive some or all early repayment fees if we would like to go with another lender/new mortgage.

Thrugelmir

Barclays aren't going to waive the contractual ERC's that you accepted when applying for the mortgage product. A total non starter.  

The question for you is whether paying the ERC's is cost effective when switching to another Barclays product. Remortgaging to a new lender will incur additional costs such as the mortgage exit fee, plus potentially legal and valuation fees. 

london21

Rates have been dropping but a 36% change in 6 months.
Has there been a huge change in your circumstances, LTV?

You will have to wait for the 5 years to end or pay the ERC.

zwobott

I will call Barclays next week, the same person I was dealing with, when we applied for our current mortgage and see what she will say.

getmore4less

What LTV was that because 1.34% was a decent 5y rate in March 2021

Barclays no fee reward range are 1.34% now so there is no saving,

there are lower rates with £999 fee.

What's the amount and term because that's quite a big reduction in payment for a repayment mortgage

£190k over 25year going from 1.34% to 1% (not much around lower than that.
£746 drops to £716  not the £200  difference you mention.

interest only needs a big mortgage 

1.34% ~£750pm is £670k
to get that down to ~£550 needs a rate of  0.99%