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  • FIRST POST
    • deejaybee
    • By deejaybee 17th May 18, 7:02 PM
    • 429Posts
    • 94Thanks
    deejaybee
    Barclays retention products - equity calculation?
    • #1
    • 17th May 18, 7:02 PM
    Barclays retention products - equity calculation? 17th May 18 at 7:02 PM
    Hi all,

    Coming to the end of a 5 year fix end September.

    I spoke to Barclays online help today, and they said i will be able to reserve a follow-on retention product from July 3rd.

    Asked him about how they calculate equity and hence what products would be eligible for.

    He said that it would be based on the valuation at time of taking out the mortgage.

    I then asked if house price increases/decreases were included in the calculation..... unfortunately the online chat died before i got an answer and i couldnt resurrect it..

    So thought i would run the final question past you folks on here !

    I think that if its just based on valuation as of 5 years ago, i wont make the 60% deals, but would be ok for the 70%.
Page 1
    • dimbo61
    • By dimbo61 17th May 18, 10:16 PM
    • 10,071 Posts
    • 5,451 Thanks
    dimbo61
    • #2
    • 17th May 18, 10:16 PM
    • #2
    • 17th May 18, 10:16 PM
    They will do a " desk top valuation " looking at recent sale prices of similar properties in your area.
    If your not happy with this and have make major changes you could pay for a new survey/valuation.
    • amnblog
    • By amnblog 18th May 18, 2:09 PM
    • 10,830 Posts
    • 4,312 Thanks
    amnblog
    • #3
    • 18th May 18, 2:09 PM
    • #3
    • 18th May 18, 2:09 PM
    The equity would not be based on the valuation 'at the time of taking out the mortgage'. It would be based on today's valuation at the time of selecting the new rate. Barclays have an automatically indexing valuation for each case on their system.

    Give a Broker your 10 digit account number (starting with a '9) and they can access that valuation figure for you. We do them every week (they take a couple of days to come through).
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • deejaybee
    • By deejaybee 18th May 18, 8:48 PM
    • 429 Posts
    • 94 Thanks
    deejaybee
    • #4
    • 18th May 18, 8:48 PM
    • #4
    • 18th May 18, 8:48 PM
    Appreciate the feedback both, thanks.

    I remember that our broker said he would be in touch when the end of our fixed rate was in sight. I have pretty much decided to stay with Barclays as i am S/E and dont fancy going through all the affordability/ legal stuff again.
    So in those circumstances i dont know whether he would assist with the automatically indexing valuation figure...
    • amnblog
    • By amnblog 18th May 18, 9:18 PM
    • 10,830 Posts
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    amnblog
    • #5
    • 18th May 18, 9:18 PM
    • #5
    • 18th May 18, 9:18 PM
    He would, because they will pay him for looking after you.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • deejaybee
    • By deejaybee 19th May 18, 8:28 AM
    • 429 Posts
    • 94 Thanks
    deejaybee
    • #6
    • 19th May 18, 8:28 AM
    • #6
    • 19th May 18, 8:28 AM
    Thats good to know

    Thanks once again for your help
    • deejaybee
    • By deejaybee 22nd May 18, 3:13 PM
    • 429 Posts
    • 94 Thanks
    deejaybee
    • #7
    • 22nd May 18, 3:13 PM
    • #7
    • 22nd May 18, 3:13 PM
    Just had another thought about this..


    If i am borderline between qualifying for 60% deals, or have to go with 70% deals - maybe i am better waiting till nearer the actual end date of current fixed deal, as i will have paid another 2 or 3 months worth.


    Or can i get a " indexing valuation figure" 90 days before end of current rate, as well as another one closer to end date ? ( via broker of course )


    Ta
    • amnblog
    • By amnblog 22nd May 18, 5:00 PM
    • 10,830 Posts
    • 4,312 Thanks
    amnblog
    • #8
    • 22nd May 18, 5:00 PM
    • #8
    • 22nd May 18, 5:00 PM
    The indexed valuations do not always go up.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • deejaybee
    • By deejaybee 22nd May 18, 6:53 PM
    • 429 Posts
    • 94 Thanks
    deejaybee
    • #9
    • 22nd May 18, 6:53 PM
    • #9
    • 22nd May 18, 6:53 PM
    Hi,


    Yeah i understand that, i meant that i will have paid another 3 months worth of mortgage payments which will obviously bring the balance owing down .


    ( We started off with a 17 year term, so effectively have been overpaying anyway compared to someone on a more normal 25 yr term )
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