To move to Barclays or to stay with Halifax

katkatmachine

My current deal is ending on April 2026. My advisor called me today and he was able to get me a new deal from Barclays, rate is 4.06% no product fee. But the thing is this is going to be a new application since we will be moving from Halifax to Barclays. I wasn't able to get the new rates that Halifax is offering since they only release their rates when you're four months away from the end of your deal (we're still five months away).

I told my advisor let's lock in the 4.06% from Barclays, but I realised now it will cost us £300 fee from our advisor. Also, we would need to submit new documents.

Question: should we just wait until January when we will see the available rates from Halifax so that we'll just do a product transfer and avoid the hassle of submitting new documents?

Also, I've read that there's a possibility that Bank of England will decrease the rates, maybe on the next one this 18th December?

Can you please share your thought on this?

amnblog

Barclays rates have moved a little.

2 year fixed rate no fee at 60% loan to value is 4.07%
5 year fixed rate no fee at 60% loan to value is 4.03%

If you were getting a new rate from Halifax today you would likely be looking at nearly cost equivalent to Barclays on a five year fixed but about 0.2% more on the 2 year fixed.

If your borrowing is £150,000 or above do not deal direct with Halifax for product switch, use a Broker for a wider range of Halifax rates which can provide more beneficial.

kingstreet

Post-application it's possible to switch to a new lower rate with Barclays before the remortgage takes place. See if your broker will do that for you. We automatically monitor for rate reductions for our clients.