Barclays Mortgage - 90 days until 5 year fix ends - Won't offer advertised rates, only new customers

mrgiraffe39

I am currently on 2.49% 5 year fix which ends on 31/05/22.  Today, March 2nd is 90 days before this is due to expire.

My LTV is 55% and they are currently offering 2yr, 3yr and 5yr fixes at 1.49%, 1.8% and 1.82% online.

When I went online this morning to try and rate switch, their best offering for a 5 years fix was 2.49%.  When I queried why the rates advertised online weren't available, the customer service representative said the old 'only available to new customers'.  Why do companies do this?

What is my best play here?  Do other mortgage companies provide you with a deal that starts in 90 days time?  I am aware that mortgage rates are likely to increase further in the coming months so Barclays might have me in a corner.

First Direct are offering 1.74% fix for 5 years, and I am currently registered with them.

Best Regards,

Adam Parker

propertyhunter

You can apply for a mortgage now with any lender, and complete once the term ends so no early repayment charge is due. I would get mortgage broker to find you the best deal. I applied for 1.44% 5-year fix with HSBC recently with a 40% deposit. 

kingstreet

Barclays rates also changed overnight. We were told at 13.21 we had to get all cases past "illustration issued" on the Barclays system by last night.

mrgiraffe39

Thanks I've been in touch with First Direct.  I don't think 1.44% rate is available at the moment due to the increase a few weeks ago but I've seen 5 year fixes at 1.74% which isn't far away.

RelievedSheff

We applied for our remortgage with a new lender about 6 months before our previous mortgage fixed rate was due to expire. 

getmore4less

With Barclays you also have to be careful you are looking at the right rates.

They have regular rates and reward rates.


as said new rates today.
https://intermediaries.uk.barclays/content/dam/intermediaries-uk-barclays/pdf/buy-to-let/residential-and-buy-to-let-rates.pdf
https://intermediaries.uk.barclays/content/dam/intermediaries-uk-barclays/pdf/buy-to-let/reward-range-for-existing-customers.pdf

current 5y is 2.22% £999 fee or 2.49% no fee breakeven mortgage size.

term	mortgage size needed
5	£148,227
10	£100,385
15	£90,633
20	£86,452
25	£84,141
30	£82,681
IO	£78,251

 

superbigal

I assume there are No Fees with staying with Barclays.  That and potentially a lot less hassle (Assume a 10 minute online form) could easily swing it for me.