Barclays Product Transfer
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Barclays Product Transfer
If your Barclays Fixed rate mortgage deal is coming to an end then you should be thinking of a Barclays Rate switch or a product transfer which could help you save money on monthly mortgage payments
What Is A Barclays Product Transfer?
A Barclays product transfer allows you to change your mortgage rate at the end of your fixed term mortgage. The process of switching to a new rate without going to the lender is called a product transfer.
This can be beneficial if you want to lock a new rate at the end of your current rate.
It is important to know if it is better to should I remortgage with the same lender? , How long it takes to remortgage take? And What documents are required to remortgage?
How Does Barclays’ Product Transfer Work?
If an existing Barclays borrower wishes to renew their fixed term mortgage with Barclays, they will be following a similar process to a product transfer service. Below are the key steps in a Barclays product transfer:
1. Barclays Bank Communication:
Before your fixed term mortgage comes to end, Barclays will contact you via post explaining the options you may have. Typically this is a few months before your mortgage actually ends.
2. Talk To A Mortgage Broker
Mortgage Brokers can look at the various options of your Barclays product transfer. Mortgage brokers will have the tools and expertise to help clients with their mortgage transfer.
3. Collect Documents And Compare.
Preparing and providing all the documents your mortgage broker requests is an integral part of the product transfer process. Necessary documents may include income proof, bank statements, mortgage details and personal IDs. Your mortgage advisor will show you the results from the product transfer.
4. Review Your Options
Your mortgage broker will show you the options available with your product transfer. Once you choose the rate we will handle the rest of it, leaving you with a fee-free and hassle-free experience.
5 Submitting The Mortgage and the Review.
Once you are happy to proceed, your mortgage broker will submit the mortgage application to Barclays, and you’re done! We can continue to monitor the new rate if any better ones come available till your new rates start.
Don’t forget to work with a fee-free mortgage broker like Marianna FS, who can save you time, money and effort.
What Are The Cost Involve With Barclays Product Transfer?
The key costs involved in a Barclays product transfer would be:
• Application fees charged by Barclays, if any, depending on the chosen mortgage product.
• Valuation fees are not applicable unless you are not happy with the lenders’ valuation.
• No Solicitor fees as no legal work is needed.
• No Broker fees if you work with MariannaFS. Other brokers may charge fees for Barclay product transfer.
How Long Does A Barclays Product Transfer Take?
Usually, a Barclays product transfer is significantly faster than a remortgage to a new lender. Once the product transfer is completed the new rate can start off from your last fixed term mortgage expiry date.
But it could take longer if you want to change the mortgage term, the repayment type or borrow more money, all of which could require more underwriting checks and additional documents form Barclays.
When Does Barclays Allow Me To Switch Rates?
Barclays will allow 4 months before your current mortgage expiry date (at most) for you to do a product transfer to a new rate with them. Always remember a new rate will start on a chosen date, when your current rate ends, or at the time of application.
What Are The Benefits Of A Barclays Product Transfer?
Some of the benefits of your Barclays product transfer are:
• No Credit check is required.
• No Income and affordability checks as long as no change is being made.
• Does not involve valuation or solicitors.
• Simple, quick and straight forward process.
What Are The Down Sides Of A Barclays Product Transfer?
While a Barclays product transfer has many benefits, it comes with some downsides too:
• Limited options as you are looking at Barclays rates only.
• Missing out on lower LTV rates as other lenders will carry an valuation and offer lower LTV rates.
Do I Need A Mortgage Broker For A Barclays Product Transfer?
Mortgage brokers are experts in the field, knowing the mortgage lenders’ criteria very well. A Mortgage broker can find a mortgage deal by scouring the entire market, whereas Barclays would only give you a selection of their own deals.
Your Mortgage broker can also advise you on whether you should stay with Barclays or remortgage to a new lender, without showing any bias to a particular bank.
However, as mentioned before, not all brokers are Fee-Free mortgage brokers, like Marianna FS. However, this does not mean they compromise their services! Don’t take our word for it. Have a read of Our Reviews.
Do I Pay Early Repayment Charges On My Barclays Product Transfer ?
If you remain in your product transfer guidelines, then you won’t face early repayment charges. For example, making an overpayment over 10% of the loan amount in a single year may cause early repayment charges. Starting a new product transfer before half a year has passed could also lead to early repayment charges.
What Are Barclay’s Product Transfer Rates?
Barclays offers very competitive rates for product transfers. If your fixed rate is coming to an end then it is strongly recommended to switch to a new fixed rate mortgage from an existing customer range to avoid an expensive standard variable rate.
Barclays offers the below product transfer rates.
Barclays 2 Years Product Transfer Rates for 90% LTV.
Barclays 2 Years Product Transfer Rates for 85 % LTV.
Barclays 2 Years Product Transfer Rates for 75 % LTV
Barclays Product Transfer rate for 60% loan to value.
Is Your Current Mortgage Rate Coming to End ?
Talking to our friendly 5 star rated mortgage brokers at MariannaFS can make your Barclays product switch as smooth as possible. Just complete the Contact form or give us a call on 020002043 and let us help with your mortgage.
Pay No Broker Fees for your Barclays Product Transfer.
Related Guides
Barclays Mortgage Porting .
Barclays Remortgage Guide .
No Fee Barclays Mortgage Broker
How Long Mortgage Application Take?
