Remortgage due at the end of the year

Bm1937

hi everyone


looking for some advice please if possible? 

We are currently coming towards the end of our 5 year fixed with Barclays and looking to stay with the just for pure ease for the next 2 years. We have never remortgaged before as we were FTB 5 years ago. 

Could someone please help me with what happens when we are nearing our remortgage window? Do Barclays contact us? Do we contact them? Are there credit checks? Are there bank statement checks? We have just over 100k outstanding on the mortgage and simply want to remortgage we are not adding anything extra and our circumstances haven’t changed in a sense of less pay, we’ve both had pay rises.

also when would you consider locking in to a new deal? 

Thanks 🙂

Emmia

Bm1937 said:

hi everyone


looking for some advice please if possible? 

We are currently coming towards the end of our 5 year fixed with Barclays and looking to stay with the just for pure ease for the next 2 years. We have never remortgaged before as we were FTB 5 years ago. 

Could someone please help me with what happens when we are nearing our remortgage window? Do Barclays contact us? Do we contact them? Are there credit checks? Are there bank statement checks? We have just over 100k outstanding on the mortgage and simply want to remortgage we are not adding anything extra and our circumstances haven’t changed in a sense of less pay, we’ve both had pay rises.

also when would you consider locking in to a new deal? 

Thanks 🙂

We're with HSBC but I expect the process is very similar - essentially we get a notification a few months before the end of our current fixed deal, telling us it's ending. As this isn't unexpected we've usually already started looking at the rates HSBC are offering. 

We do a quick check of other lenders rates on a comparison website, essentially to ensure that HSBC are competitive (they always have been). 

When we get the notification that we can fix again (usually it's a couple of months before the end of the fix) we use the HSBC online banking service to select the fixed rate we want next - as it's a joint mortgage one of us does this bit, and the other confirms through their own log in that they're content.

Last time we paid an upfront fee as this would save us more money over the term (do look at both fee free and fee options, but if it's a fee it's best to pay this upfront rather than adding it to the mortgage, as then you don't pay mortgage interest on this amount)

We're not asked for any financial information, bank statements, payslips etc. there are no credit checks.

In terms of when to fix, this is a bit of a crystal ball gazing thing... Essentially start monitoring what rates are available for the term(s) you'd be ok with and do the new product when you think the rate is best... But accept that the rate may fall or rise after you're locked in.

Last year I found a good deal ~4months before the end of our fix, and we could have signed up then to move on to it at the end of the fix we had. My husband was convinced rates would drop by 1% over the next 4 months... Spoiler alert, they didn't and actually went up by about 0.75%. 

Before the Truss budget I had wanted to do a longer fix, again hubby convinced that we should only do a 2 year rather than a 5 or 10 year fix... My sister (at a similar time) fixed for 10-years and is laughing on what is now a very low rate.

la531983

Barclays will send you an email. In fact i had mine yesterday (I expire end of October) so you may have a while to wait yet.

amnblog

No credit checks, no affordability checks.

You can...

1. Speak to an independent broker and get some proper advice
2. Select a rate yourself on the Barclays App
3. Deal with the in house Team and soak your time away

la531983

amnblog said:

No credit checks, no affordability checks.

You can...

1. Speak to an independent broker and get some proper advice
2. Select a rate yourself on the Barclays App
3. Deal with the in house Team and soak your time away

Option 2 can only happen up to 3 months before rate end.

amnblog

la531983 said:

amnblog said:

No credit checks, no affordability checks.

You can...

1. Speak to an independent broker and get some proper advice
2. Select a rate yourself on the Barclays App
3. Deal with the in house Team and soak your time away

Option 2 can only happen up to 3 months before rate end.

The window to switch rate reduced to 90 days earlier this year whichever route is taken

la531983

amnblog said:

la531983 said:

amnblog said:

No credit checks, no affordability checks.

You can...

1. Speak to an independent broker and get some proper advice
2. Select a rate yourself on the Barclays App
3. Deal with the in house Team and soak your time away

Option 2 can only happen up to 3 months before rate end.

The window to switch rate reduced to 90 days earlier this year whichever route is taken

Now we are being pedantic. 3 months, 90 days....

amnblog

la531983 said:

amnblog said:

la531983 said:

amnblog said:

No credit checks, no affordability checks.

You can...

1. Speak to an independent broker and get some proper advice
2. Select a rate yourself on the Barclays App
3. Deal with the in house Team and soak your time away

Option 2 can only happen up to 3 months before rate end.

The window to switch rate reduced to 90 days earlier this year whichever route is taken

Now we are being pedantic. 3 months, 90 days....

Online systems tend to be. Hence I am used to using the definition the system does, apologies 

poseidon1

Bm1937 said:

hi everyone


looking for some advice please if possible? 

We are currently coming towards the end of our 5 year fixed with Barclays and looking to stay with the just for pure ease for the next 2 years. We have never remortgaged before as we were FTB 5 years ago. 

Could someone please help me with what happens when we are nearing our remortgage window? Do Barclays contact us? Do we contact them? Are there credit checks? Are there bank statement checks? We have just over 100k outstanding on the mortgage and simply want to remortgage we are not adding anything extra and our circumstances haven’t changed in a sense of less pay, we’ve both had pay rises.

also when would you consider locking in to a new deal? 

Thanks 🙂

Don't passively sit there waiting for Barclays to initiate matters , take the initiative yourself and see what your options are in advance of your deal ending - see link below

https://www.barclays.co.uk/mortgages/existing-customer-centre/mortgage/

Barclays are quite flexible in that even if you choose a new fix now, you can change your mind and cancel before the the new fix takes effect. This flexibility could be useful if the the next Bank of England rate cut is a deep one, and Barclays responds ( quickly) with a raft of more competitive deals.

You were presumeably happy with your last 5 year fix, another 5 years probably makes sense. Try to avoid £999  ( or higher) fee products unless your borrowings are very high 6 figures and the fee can be justified compared to the slightly lower interest charged.

Hoenir

For clarity you are not remortgaging. Simply selecting another mortgage product with your existing lender. 

Unless you switch mortgage lender the existing legal mortgage charge placed on the property to secure any monies advanced remains in situ. 

cobnobbler

If I agree to a rate found by my broker (which ended up being with my existing lender) for a fix that is due to end in October, can I review/change in August if rates come down?