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Mortgage Product Transfer + Default Help!
MrMac25
Posts: 3 Newbie
Hi all!
I just have a question I’m hoping someone can help me with!
Basically, I have a joint mortgage with my partner with Barclays and it is due to renew in May 2026 (actual rate ends in November next year). My issue is, for reasons I won’t go too much into I have 3 defaults on my credit file which I’m actively paying off. I anticipate and almost positive two of them at least will be paid off and deemed ‘satisfied’ by then. Also, due to a redundancy I fell behind on the mortgage but making monthly payments + extra £100 a month to clear arrears which should all be up to date at the end of January. My question is, will Barclays still offer us the product transfer? I understand it’s a straight forward process and the rate will be slightly higher but not as bad as going to SVR. I appreciate any advice! Thanks all!
I just have a question I’m hoping someone can help me with!
Basically, I have a joint mortgage with my partner with Barclays and it is due to renew in May 2026 (actual rate ends in November next year). My issue is, for reasons I won’t go too much into I have 3 defaults on my credit file which I’m actively paying off. I anticipate and almost positive two of them at least will be paid off and deemed ‘satisfied’ by then. Also, due to a redundancy I fell behind on the mortgage but making monthly payments + extra £100 a month to clear arrears which should all be up to date at the end of January. My question is, will Barclays still offer us the product transfer? I understand it’s a straight forward process and the rate will be slightly higher but not as bad as going to SVR. I appreciate any advice! Thanks all!
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Comments
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I cant say for sure, but with most lenders, so long as you are up to date with your mortgage you should be fine.
The defaults I doubt will come in to the equation.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you for the reply! So, basically I’ll clear the arrears and be eligible for product transfer?0
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You probably need to prioritise clearing the mortgage arrears over satisfying the other debts.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Thank you for the reply. Although your response doesn’t move me any further forward with my question, I am prioritising the mortgage arrears however trying to avoid any more financial implications.0
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