New mortgage application vs extend previous offer

mumofmini

Hello all, hope you are well.

We are FTBs. Completion data estimated by the builder is 31st July. 

The whole process started from October last year. 
We went with the mortgage adviser recommended by the builder and have had only 2 options suggested by the adviser and had to pick one. Thankfully the lender offered it. We have had our offer from Barclays for a 5 year fix and it is expiring on 28th this month.

As the offer is expiring, adviser contacted us today and is suggesting that we apply for an extension of the offer and he had a quick look and said if we are to reapply we will have to go for an even higher interest this time. His suggestion is to extend the current offer instead of applying again.

We are not sure at this stage anymore. Is it worth contacting a different mortgage adviser to possibly look at better offers OR do we just go ahead with this extension.

Please advise.

kingstreet

Barclays will extend the offer for a further six months and you can also change product if they are offering a lower rate than when you applied.

What's the loan to value, is it a green product (EPC A or and is there a product fee?

mumofmini

Hi, LTV is 10%. Yes it is EPC A and yes, there is product fee.

kingstreet

mumofmini said:

Hi, LTV is 10%. Yes it is EPC A and yes, there is product fee.

The current five year Barclays 90% green product with a £899 fee is 4.57% until 30/06/2030. As mentioned, you can request a change to this product (if it's better) and an offer extension at the same time.