Barclays Remortgage Guide
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Barclays Remortgage Process Explained
Mortgage interest rates and repayments have a significant impact on borrowers’ outgoings. A Mortgage borrower should tap into every opportunity they have to change to a better mortgage rate to save money on mortgage payments.
The right opportunity to switch lenders is when you are remortgaging your property.
While remortgaging your property, you can switch to a new lender and have a better mortgage deal at the end of your fixed term mortgage.
It is important to understand how the processes of remortgaging with the same lender or how long it takes to remortgage and what documents are needed to remortgage work.
In this guide we will cover:
What is a remortgage?
The Barclays remortgage process.
Find the best remortgage rates.
How long does it take to remortgage with Barclays?
When is the right time to remortgage with Barclays?
Some FAQ’s with a Barclays remortgage
What is Remortgaging?
Remortgaging is the process of switching an existing mortgage rate with a new one at the end of a fixed term mortgage. Clients often choose to remortgage their properties for better rates to save up on their monthly payments.
Some common reasons for remortgages are fixed terms coming to an end, settling existing debts, making BTL investments, or home improvements. In recent years with higher mortgage rates, it is important to get the timing of your remortgage right in order to save on higher standard variable rates.
The Barclays Remortgage Process
Barclays follows a simple and straightforward process of accepting and processing remortgage applications, especially if you want to stay with the same lender and do a rate switch. The rate switch process is much shorter compared to getting a fresh mortgage.
Here are the major steps involved in remortgaging your property with Barclays:
- Your Lender Communication: Your existing bank will write to you informing about your mortgage deal coming to end. They will explain the options you should have with getting a remortgage.
- Talk to Your Mortgage Broker: A mortgage advisor can look at the options for your remortgage with ample expertise, scanning whole of market making sure you are not left out from a good deal.
- Prepare the Paperwork: You will need to start collecting all necessary documents required for the remortgage. Documents like income proof, bank statements, mortgage details and personal IDs will be needed before the process.
- Analysing the Costs Involved: The major costs you need to consider while remortgaging your property include the application fee, valuation fees, solicitor fees (if you are switching to a new lender) and broker fees if you are not using a fee free mortgage broker.
- Getting an AIP: Once all documents are ready you can get an agreement in principle (AIP) from Barclays. Here, Barclays will provide you with an estimated amount which you can borrow when your current mortgage deal ends.
- Submit a Mortgage Application: Once you have all the documents ready then you can make the remortgage application with the help of your remortgage broker. As part of the application, your bank will run a full credit check on you.
- Survey: Once the application is submitted the lender will carry out a survey of the property to be remortgaged, making sure the property condition and it is worth the value.
- Mortgage Offer: Barclays will issue a mortgage offer once they are satisfied with the mortgage application and valuation.
- Conveyancing: Barclays will arrange a solicitor to complete the property ownership and transfer from one lender to another.
Find the Best Remortgage Rates.
If you are wondering what the latest mortgage rates are for remortgaging, we have a handy tool for finding the best rates for your remortgage. Simply input the value of the property and the outstanding loan amount, choose the mortgage term and let it compare the whole of the market for your remortgage.
Remortgage Rates & Deals.
How long does it take to get a Barclays Remortgage?
Ideally how long it takes to remortgage your property with any lender depends on your existing mortgage deal and the new deal you want to switch to. It is also very much depending on whether you want to remortgage with the same lender or switch to a new one, known as a product transfer.
If you are remortgaging, it will take around 4 to 8 weeks to remortgage your property with a different bank like Barclays once your mortgage application is submitted. If you choose to stay with the same lender and do a rate switch with Barclays (which is a lot quicker) the process will take 2 weeks.
If you are not sure what the right option is for your remortgage, such as changing lender or a rate switch with the same bank, then speak to a no fee mortgage broker. They ensure a smooth and successful remortgage process., and working with an experienced, free remortgage broker like MariannaFS will save you time and money.
When is the right time to Remortgage with Barclays?
The best time to remortgage your property is when the fixed term of your existing mortgage is coming to an end in 4 to 5 months. Switching to a new mortgage deal before the end of your fixed term may lead to early repayment charges. If your existing mortgage lender is Barclays and if Barclays are offering a better mortgage deal, you can certainly go ahead with the rate switch process, making sure no ERC are payable.
However, before you finalize your decision, make sure you go through the Barclays remortgage calculator with the help of a mortgage broker, who can guide you to see how suitable the deals are for you. Remember to only go ahead with your remortgage if switching to a new deal is beneficial for you.
Some FAQ’s with Barclays remortgages.
How do I know the amount I can borrow?
The Best way is to run the Barclays calculator or talk to a mortgage broker to find out the maximum borrowing amount with your remortgage.
Can Barclays decline my remortgage?
Yes, it is possible to decline your mortgage application for many reasons. Some of the common reasons are due to a failed income assessment, property valuation or a poor credit report.
How can a Mortgage Broker help me with my Remortgage?
Our mortgage team at Marianna FS are experts in a multitude of mortgage varieties, including remortgages. They know the Barclays criteria well, and combined with the ample expertise they have, a smooth, swift process is assured. The best part is we do not charge fees for our services. Mortgage brokers like Marianna FS can save you time, money and effort, so why not get in touch?
Can I do a Barclays remortgage online?
You can do Barclays remortgage online, It takes about 10 minutes to discuss your needs and then you can book an appointment with a mortgage adviser to initiate the remortgage process.
Can you borrow more when you remortgage?
Remortgaging is a common way of releasing money from your home. It means taking out a new loan with your current or a new provider to pay off any existing mortgage, plus for personal use like home improvement.
Remortgaging on my own with Barclays, is it difficult?
It’s not always easy to remortgage on your own,n but it’s not impossible, either. Being your own boss and trying to remortgage simply means you need to prepare all the documents related to income. Going through the online application and sending the paperwork can be a huge task. Instead, work with a mortgage broker for Barclays remortgage, which can be quick and easy.
