Barclays mortgage ends 31 Oct

Newbie_John

My first mortgage term ends on 31st October, currently I'm being offered 4.4% for 2 years and I'm not sure if I will get better rate in October.

Could I possibly accept the current offering and then "change" my mind - of better rates are available or would this be a final decision?

Also, how long does the process take? A day, week, month? Just want to know when's the latest to apply..

simon_or

With most banks you can book a rate and then later change your mind. But check with Barclays to be sure.

Booking a rate with your current bank should be instantly done online.

Newbie_John

Ok,their chat told me I can do that. 

But during the application I've found out that the rate will switch now - rather than on 31st October (until when I'm on a very low interest rate).

I guess that's how they prevent ppl from locking and cancelling..

K_S

Newbie_John said:

Ok,their chat told me I can do that. 

But during the application I've found out that the rate will switch now - rather than on 31st October (until when I'm on a very low interest rate).

I guess that's how they prevent ppl from locking and cancelling..

@newbie_john That definitely does not sound right. I can pre-book a new Barclays PT (product transfer / product switch / rate switch) rate for my client (existing Barclays borrower) to kick in up to 6 months in the advance. I'm pretty sure it'll be a similar process for direct PTs.

Newbie_John

Or is it just how they calculate their numbers, this is one of the docs they presented me with for 2 years mortgage that states 28 payments - 24 for two years and 4 extra:

K_S

Newbie_John said:

Or is it just how they calculate their numbers, this is one of the docs they presented me with for 2 years mortgage that states 28 payments - 24 for two years and 4 extra:

@newbie_john I know nothing about direct PTs so DON'T TAKE MY WORD FOR IT but yes, as far as I can tell that's just an illustration/KFI/ESIS document which assumes for the sake of showing the numbers that the new mortgage starts immediately/asap. That's what the second line (You will have....) in the first paragraph says.