Re-mortgage after Fixed Rate ends with Barclays?

Tr33house

I'm coming up to the end of my 2-year fix soon, at 5.45% with Barclays. This is my first mortgage and I wanted to understand how re-mortgaging works.

Within the last 90 days I understand I can select a new rate online on my account.

How does this work?

Has anyone done this?

Is there a new credit check?

Is it instant?

What if I find a better rate from another bank? Is it worth switching?

I am hoping I can get a better rate and save myself some money, I have £113,000 left on the mortgage approx.

Thanks!

Emmia

Tr33house said:

I'm coming up to the end of my 2-year fix soon, at 5.45% with Barclays. This is my first mortgage and I wanted to understand how re-mortgaging works.

Within the last 90 days I understand I can select a new rate online on my account.

How does this work?

Has anyone done this?

Is there a new credit check?

Is it instant?

What if I find a better rate from another bank? Is it worth switching?

I am hoping I can get a better rate and save myself some money, I have £113,000 left on the mortgage approx.

Thanks!

Taking a new product with your current lender i.e. a new fixed rate deal will be super quick and easy, and normally doesn't involve a new credit check. You normally set the new fix to start when the old one ends 

We've done this fully online three times with HSBC, and I've no reason to think Barclays would be different. 

If you want to move to a new lender, then it will involve a mortgage application, assessment etc., I'd only do this if the rate was substantially better due to the faff.

Hoenir

Remaining with your existing lender is not a remortgage it's simply a new product. There's no credit check if undertaken online. As the lender is not providing advice of any kind. Totally your decision. Log onto your account and see what options are available. They can change at very short notice. 

Remortgaging to another lender will incur additional cost. Something that needs to be borne in mind when making comparisons.  Costs include mortgage exit fee, legal and valuation fees. 

On-the-coast

As above x2
Also This page seems to make things very clear… and you can click through for rates etc. 
depending on size of your mortgage you can “trade” fee or fee-free. 

The only complication is if your remaining LTV is very close to one of the thresholds. 

https://www.barclays.co.uk/mortgages/switching-mortgage-deals/