Barclays Mortgage Porting

What is the Process of Mortgage Porting with Barclays?

Mortgage porting can be very easy if you are doing a ‘like to like’ mortgage from the current property to a new one. Many mortgage borrowers ask how long does a mortgage application take through mortgage broker?

If you are upgrading to a bigger property, then you will either need a top up mortgage to cover the difference in the new property’s price and your current mortgage, or you will have a higher deposit to cover the difference in property price and mortgage. Additional borrowing needs to fit in the income assessment by Barclays.

After you approach Barclays, the underwriter will conduct a thorough credit check and assess your financial circumstances. Barclays will look for any changes in your circumstances since you got your existing mortgage.

Once the income assessment is completed and after satisfactory valuation of the new property Barclays will issue a mortgage offer.

If your credit score has gone down due to any reason, Barclays may reject your application to port your mortgage.

Can a Mortgage Broker Help with Barclays Mortgage Porting?

Our mortgage brokers are experts in mortgage porting with Barclays. Knowing the mortgage lending criteria would help to prepare mortgage porting application.

Good, experienced mortgage brokers are aware of the lending criteria of many banks. This means that a Mortgage broker can run through the current mortgage, do the income assessment, and submit the mortgage porting application for you. An Independent mortgage broker can save your efforts and time while getting the mortgage approved a lot quicker.

Mortgage advisors can advise you if mortgage porting with Barclays the best option for you, or if not they will suggest how you should look at other options. If your lender declines the mortgage porting application the mortgage broker will find an alternative lender which could be a lot quicker as they already know your circumstances.

Our mortgage expert team can help you with your mortgage porting application, so get in touch to see how we can help you without charging broker fees.

What if I Go Directly to Barclays for Mortgage Porting?

Many borrowers think going directly to their local high street bank like Barclays may be a lot quicker and easier for mortgage porting advice, even calling customer service over the phone, thinking they would get quicker advice. In both cases you may not know how quickly you can submit the application, respond to the queries from the lender and get approval.

Of course, by doing so you may save on mortgage broker fees. However, if you want to skip long wait times, it is always better to work with an experienced mortgage broker who don’t charge broker fees for mortgage advice. A skilled mortgage broker will have all the information you need about porting your mortgage with Barclays.

What are The Advantages Of Barclays Mortgage Porting?

Keeping Your Existing Mortgage Rate

When you port your current mortgage to a new property, you can keep the same mortgage rate, along with the current terms and interest rate. This means porting your mortgage can save you from higher mortgage rates. Porting your mortgage with Barclays also lets you continue with the same mortgage deal to new home.

No Early Repayment Charges

When you break your mortgage terms your bank will charge you early repayment charges. But porting your mortgage to a new property lets you keep your existing mortgage rate, while avoiding early repayment charges. Barclays will not charge early repayment charges if you  port the mortgage to a new property.

Borrow More

Barclays will allow you to borrow more in the mortgage if you are purchasing a bigger property that is more expensive than your current one. Without affecting the ongoing arrangement, you can borrow more and cover the additional expenses incurred while purchasing an expensive property subject to income affordability.

High Flexibility

Moving home is already a time-consuming and stressful process. A Mortgage is the first thing you want to sort out. Porting your mortgage gives you much-needed flexibility and ease in managing your debt.

Important Factors Could Affect Your Barclays Mortgage Porting Application

Porting your mortgage with Barclays can give you several advantages, but there are a few factors you should consider, like the ones below , before moving forward with a porting application to avoid delays and decline.

Financial Circumstances

Porting your mortgage may get difficult if your financial circumstances have changed recently or after having a mortgage on a property. If you do not fit in with Barclays lending criteria, the lender could decline the application. To avoid this, always discuss with the mortgage broker to help you evaluate the change in your financial circumstances before making your application.

Loan-To-Value

Your loan-to-value (LTV) may change while porting your mortgage, depending on the value of your new property. New property price and your deposit will determine the LTV. This will have an impact on your mortgage. If the LTV increases, then it will impact the mortgage rates for additional funds, resulting in total income affordability failing.

House Value

Your new property price with Barclays will influence the overall arrangement. You may also need to pay a valuation fee to get your property surveyed. Higher property prices mean you may need to pay more in deposit or borrow more from the bank.

Additional Cost.

Mortgage porting could involve extra costs like legal costs, valuation fees, your mortgage broker charges, stamp duty and moving costs. Always calculate every charges involved to avoid any last-minute hiccups.

You can save on mortgage broker fees if you work with MariannaFS as we offer fee free mortgage advice. Get in touch with us to get your mortgage porting sorted in no time!

FAQs

Is There a Penalty for Porting a Mortgage?

In most cases, no, but it depends on how you port it.

Porting a mortgage means transferring your current mortgage deal (rate, term, and balance) to a new property when you move home. While this can help avoid early repayment charges (ERCs), certain actions during the porting process may trigger penalties.

Can I Move My Mortgage to Another Lender?

Yes, you can move your mortgage to another bank or lender- it’s called remortgaging.

If you’re no longer happy with your current lender’s rate, service, or terms, you can switch your mortgage to another bank or building society, usually to get a better deal or borrow more but this may involve early repayment charges.

Is Porting a Mortgage is Same as Remortgage?

No, porting a mortgage is not the same as remortgaging. While both involve changes to your mortgage, porting and remortgaging are very different in purpose, process, and impact.

Porting  Key Features are:

You keep your current interest rate and deal. Often done to avoid early repayment charges (ERCs) Still requires a new affordability and credit check ,You can borrow more (usually on a new rate). Mortgage Porting is best for home movers who want to keep their existing mortgage deal.

Remortgage Key Features:

You pay off your current mortgage and start a completely new one. Can trigger ERCs if done during a fixed period. Often used to secure a lower rate, consolidate debt, or borrow extra. Full mortgage application required (credit score, income, property valuation).

Remortgaging is best for people whose fixed-rate period is ending. Those wanting to change lenders or mortgage terms.

Related Guides

Barclays Remortgage Guide.

Barclays Product Transfer 

What is mortgage porting?

Compare Best Remortgage Rates

How Long It Takes To Remortgage?