Product Transfer with Barclays

Bm1937

Hi there

Just looking for some answers please.

we are currently with Barclays coming to end of our 5 year fixed. We are wanting to do a product transfer and Barclays sent us this in the app. However we already had booked a phone call with our mortgage advisor as this was free. They are going ahead with the product transfer we asked for. 

As far as we are aware there are no affordability checks, credit checks? However the mortgage advisor asked us for this? So we were confused. We currently have no debt but recently cleared this off. 

We are not looking to extend the mortgage, add anything else on. Please could you tell me if Barclays do checks for this or is a simple switch like you would do with utility bills? 

la531983

I did mine a few weeks ago, no credit check no nothing if not changing lending terms. You dont have to deal with an advisor at all, if you dont want that chat cancel it,

ACG

There are no affordability or credit checks when doing a product transfer. 
However, some brokers may need some bits of paperwork from a compliance point of view - nothing more. 

We tend to get away without any documents but a couple of quick questions just to ensure we are not tying you in to a new deal you cant afford. But it is down to each firm to decide what they need. 

la531983

ACG said:

There are no affordability or credit checks when doing a product transfer. 
However, some brokers may need some bits of paperwork from a compliance point of view - nothing more. 

We tend to get away without any documents but a couple of quick questions just to ensure we are not tying you in to a new deal you cant afford. But it is down to each firm to decide what they need. 

There is no broker involved here. The OP already has a Barclays mortgage and is merely picking a new rate. Its done in the app. Nothing is asked for.

ACG

la531983 said:

ACG said:

There are no affordability or credit checks when doing a product transfer. 
However, some brokers may need some bits of paperwork from a compliance point of view - nothing more. 

We tend to get away without any documents but a couple of quick questions just to ensure we are not tying you in to a new deal you cant afford. But it is down to each firm to decide what they need. 

There is no broker involved here. The OP already has a Barclays mortgage and is merely picking a new rate. Its done in the app. Nothing is asked for.

Bm1937 said:

Hi there

Just looking for some answers please.

we are currently with Barclays coming to end of our 5 year fixed. We are wanting to do a product transfer and Barclays sent us this in the app. However we already had booked a phone call with our mortgage advisor as this was free. They are going ahead with the product transfer we asked for. 

I read that as there being a broker involved. 

la531983

ACG said:

la531983 said:

ACG said:

There are no affordability or credit checks when doing a product transfer. 
However, some brokers may need some bits of paperwork from a compliance point of view - nothing more. 

We tend to get away without any documents but a couple of quick questions just to ensure we are not tying you in to a new deal you cant afford. But it is down to each firm to decide what they need. 

There is no broker involved here. The OP already has a Barclays mortgage and is merely picking a new rate. Its done in the app. Nothing is asked for.

Bm1937 said:

Hi there

Just looking for some answers please.

we are currently with Barclays coming to end of our 5 year fixed. We are wanting to do a product transfer and Barclays sent us this in the app. However we already had booked a phone call with our mortgage advisor as this was free. They are going ahead with the product transfer we asked for. 

I read that as there being a broker involved. 

I meant with just doing a product transfer with the same lender. No broker needed.

ACG

la531983 said:

ACG said:

la531983 said:

ACG said:

There are no affordability or credit checks when doing a product transfer. 
However, some brokers may need some bits of paperwork from a compliance point of view - nothing more. 

We tend to get away without any documents but a couple of quick questions just to ensure we are not tying you in to a new deal you cant afford. But it is down to each firm to decide what they need. 

There is no broker involved here. The OP already has a Barclays mortgage and is merely picking a new rate. Its done in the app. Nothing is asked for.

Bm1937 said:

Hi there

Just looking for some answers please.

we are currently with Barclays coming to end of our 5 year fixed. We are wanting to do a product transfer and Barclays sent us this in the app. However we already had booked a phone call with our mortgage advisor as this was free. They are going ahead with the product transfer we asked for. 

I read that as there being a broker involved. 

I meant with just doing a product transfer with the same lender. No broker needed.

I'm confused as to why you quoted my post, I never said a broker was required. 

la531983

ACG said:

la531983 said:

ACG said:

la531983 said:

ACG said:

There are no affordability or credit checks when doing a product transfer. 
However, some brokers may need some bits of paperwork from a compliance point of view - nothing more. 

We tend to get away without any documents but a couple of quick questions just to ensure we are not tying you in to a new deal you cant afford. But it is down to each firm to decide what they need. 

There is no broker involved here. The OP already has a Barclays mortgage and is merely picking a new rate. Its done in the app. Nothing is asked for.

Bm1937 said:

Hi there

Just looking for some answers please.

we are currently with Barclays coming to end of our 5 year fixed. We are wanting to do a product transfer and Barclays sent us this in the app. However we already had booked a phone call with our mortgage advisor as this was free. They are going ahead with the product transfer we asked for. 

I read that as there being a broker involved. 

I meant with just doing a product transfer with the same lender. No broker needed.

I'm confused as to why you quoted my post, I never said a broker was required. 

You mentioned brokers and product transfers within 2 sentences suggesting a broker was needed.

"There are no affordability or credit checks when doing a product transfer. 
However, some brokers may need some bits of paperwork from a compliance point of view - nothing more. "

ACG

I dont see me suggesting a broker is needed.
The person who made the post said they were using an advisor and that the advisor had asked for documents. I was pointing out that SOME brokers MAY need certain documents for compliance purposes.

I never said a broker was required and if the OP had not mentioned they were using a broker, I would not have made reference to it either. They were confused as to why the process appeared to be different (or at least that is how I read it) and so I was explaining the difference.