Barclays product switch (existing customers) - window is now 180 days before end of fix

K_S

Just got notified by Barclays that from today (12 October), for clients that already have a mortgage with Barclays, a rate-switch can be requested within 180 days of their current fix ending.

So if you are currently on a Barclays fix ending in March 2023, you *should* now be able to secure a rate if staying with Barclays is an option you want to consider. You can see their product switch rates here https://intermediaries.uk.barclays/content/dam/intermediaries-uk-barclays/pdf/buy-to-let/reward-range-for-existing-customers.pdf

You should make sure to compare to the whole of market so you're getting the most cost-effective and appropriate product for your needs and circumstances. You can get a sense of the rates on offer using the MSE best-buy comparison here. For a more tailored set of options, please speak to a whole of market broker. The MSE guide here can help you find one https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

Please note that the FAQ below is with reference to broker PTs, it may or may not be the same direct.

Artica

They have been allowing their costumers to switch their rate 6 months before their fixed rate expires for a few months now though it has not been openly advertised to everyone...
Seeing the jump their rates have done since last month (2.30% extra on the 10 years product!) I am not sure that anyone would want to jump on them though... thanking my lucky star which came in the form of a mortgage broker newsletter informing me a couple of month ago that they were allowing switch early.

simon_or

Thanks KS! Is it just Halifax now that makes you wait till 3 months before you can reserve a rate?

K_S

simon_or said:

Thanks KS! Is it just Halifax now that makes you wait till 3 months before you can reserve a rate?

@simon_or Among the big lenders - NatWest, Halifax, Santander, Barclays, HSBC - I think it's Halifax (3 months), HSBC (120 days) and Santander (4/5 months) that haven't stretched their PT window to 6 months yet.

With HSBC it's not a huge issue as their ERC is pro-rated (1% per year) so the applicant has a lot more flexibility in the final than say with a lender that charges a flat rate until the last day of the fix.

Ibits4321

This is really good of them!

I've got a PT that I paid an ERC to get out of in July. I was told I could start it 90 days from when I agreed the new deal, which is the 1st of November (my current fix is until July 2023). Do you think they'll let me delay it another 90 days @K_S?

K_S

@Ibits4321 As per their new policy, it seems like you would have been able to delay it for 180 days. I would say that it's worth asking them and if they refuse, put in a complaint saying that it's unfair given the new policy. It's a long shot and there's not a lot of time before 1st November but worth considering this route if it'll save you a good bit of money.

Ibits4321 said:

This is really good of them!

I've got a PT that I paid an ERC to get out of in July. I was told I could start it 90 days from when I agreed the new deal, which is the 1st of November (my current fix is until July 2023). Do you think they'll let me delay it another 90 days @K_S?

Ibits4321

K_S said:

@Ibits4321 As per their new policy, it seems like you would have been able to delay it for 180 days. I would say that it's worth asking them and if they refuse, put in a complaint saying that it's unfair given the new policy. It's a long shot and there's not a lot of time before 1st November but worth considering this route if it'll save you a good bit of money.

Ibits4321 said:

This is really good of them!

I've got a PT that I paid an ERC to get out of in July. I was told I could start it 90 days from when I agreed the new deal, which is the 1st of November (my current fix is until July 2023). Do you think they'll let me delay it another 90 days @K_S?

Thank you @K_S
I really appreciate what you do on this board