How long does a Barclays remortgage take?
So it’s time to remortgage and you need to plan enough time for your Barclays remortgage. If you start the mortgage application process too late, you may run out of time, therefore, start nice and early and grab that great rate and take the strain from having to rush the mortgage through.
A remortgage with Barclays takes 12 weeks. If time allows then start the mortgage renewal 20 weeks before your existing rate ends as this will allow plenty of time to secure a great rate and to stop any need to rush the remortgage through.
Getting the timing wrong on a remortgage can cause a lot of stress and worry. If you start too late you run the risk of the mortgage going through too late and it costing you financially. In this guide, we will give you the perfect timing together on what you can expect on remortgaging with Barclays.
Barclays Remortgage Process
Depending on what you are trying to achieve, a remortgage with Barclays bank can vary in the amount of time it takes to process. A straightforward mortgage with additional borrowing or a change to a mortgage can be quite quick.
Mortgages for the self-employed can proceed slower as getting accounts, SA302’s and tax overviews information can take time. If you have a lot of outgoings and debts this can also mean a Barclays mortgage application can proceed at a slower pace.
Below we will answer the main questions around the re-mortgage process and mortgage application with Barclays will explain what you can expect from the Barclays mortgage process.
When is the earliest I can start my Barclays remortgage?
The earliest you can get the ball rolling is 6 months prior to your existing Barclays mortgage rate ending. There are many benefits to starting early.
Firstly it will allow you to book a low interest rate as the bank of England reduced the base rate and interest rates are now at a historic low. Interest rates can’t get any lower so the earlier the better to secure that low rate and therefore low mortgage repayments!
Secondly, if there are any hold-ups or problems with your mortgage loan it means you won’t need to panic as you will still have plenty of time. If for some reason they were to refuse you a mortgage on your property, starting early will give you plenty of time to switch to another lender and stop your monthly repayments increasing.
What are the timescales for my Barclays mortgage application to be approved?
- You will need to have an interview with a mortgage consultant who will ask you for information about you and your income & outgoings.
- The next stage of your mortgage application will be to find out your borrowing amount by the bank using their mortgage affordability calculators to see if the loan is affordable for you. Once they are happy with your affordability they will offer you a new rate.
- The next stage of Barclay’s remortgaging process is for them to carry out an agreement in principle. This will involve them looking at your income and outgoings including and credit cards and loans you may have. They will also carry out a credit check to see your credit score.
- Once they are happy with everything you will have your mortgage agreed in principle. It could be completed in an hour or two to agree on your mortgage deal however more realistically it will be a day or two.
How do I get my Barclays remortgage underway?
There are two options open to you when remortgaging.
- The first option is to call the call centre and talk to someone who will arrange a call and information from an adviser.
- The second option is to get a mortgage broker to do all the hard work. The mortgage broker will be able to carry out your whole remortgage for you. They will discuss your circumstances and find out what you are trying to achieve. They will submit any mortgage applications, completing all the paperwork, arranging any life insurance or home insurance. Basically seeing the whole mortgage through to completion and it won’t cost you a penny to use their services!
Fact – Did you know that over 71% of mortgages in the UK are carried out by independent mortgage brokers
Porting your Barclays mortgage
Porting a mortgage means that you transfer the mortgage from your existing property over to a new property. This should be carried out very carefully to avoid paying early repayment charges!
If I am moving home can I take my Barclays mortgage with me?
So you have a buyer for your home and are wanting to move your existing Barclays mortgage to a new home. This is not only possible but also quite often the best move for you.
If your existing mortgage deal has not come to an end of its term yet it is likely that you will have to pay a redemption fee to Barclays for leaving early. Therefore it may be possible to port your existing interest rate and mortgage to your new home avoiding paying an early redemption fee.
If you are needing additional borrowing for your new property you may be able to port your existing products and get a new top-up rate either matching the same term or possibly a longer term to make monthly repayments affordable.
Speak to a mortgage broker about your circumstances. The mortgage broker will be experienced at porting a Barclays mortgage to your new property. They will understand Barclays products and be able to find when your early redemption fee will end and therefore your needs to either port or not to port your existing rate and products to your new home.
MORTGAGES: WE'LL DO IT ALL FOR YOU
Fee-Free Mortgage Brokers
Your Barclays mortgage organised by YesCanDo mortgage advisers
YesCanDo Money are the largest fees-free mortgage broker in the south of England including London. They are a family-run independent mortgage brokers who give quality service as reflected in their 5-star google and Trustpilot reviews.
YesCanDo will do all the hard work for you. Sit back while YesCanDo firstly gets you an agreement in principle and once you are happy submits your Barclays mortgage application completing all the necessary paperwork and seeing your mortgage application through to completion.
If for any reason Barclays has turned you down for a mortgage don’t panic! YesCanDo Money will find out why and then access over a hundred different high street lenders to find you a mortgage lender that will accept you.
With over 14,000 different deals available. YesCanDo will search the whole market for the very best one for you!
Being fees-free this service will not cost you a penny! Sound too good to be true then look at the hundreds of 5 star Trust Pilot, Google, and Facebook reviews.
Frequently Asked Questions
Once you have got your mortgage offer this means that most of the hard work is done and the process can speed up. Once you have your offer check it all through and make sure everything is as it should be. The mortgage will be about 2-4 weeks from being able to complete on it.
Are Barclays going to be able to offer you the best mortgage deal? With there being over 90 different mortgage lenders in the UK offering over 14,000 different rates and deals the chances of Barclays having the very best rate and deal for you are your home are very slim!
It is well worth getting a mortgage broker to do some research to find the mortgage lender with the lowest mortgage rates and best mortgage deals for you and your home!
You have a couple of choices. Firstly ask your family and friends, do you know of a no-fee mortgage broker near me? Who did they use when they moved home? If this is unsuccessful get Googling!
Google : ‘No fee independent mortgage broker near me‘
This will bring up a list of mortgage brokers that will not charge you and will also be able to help you in remortgaging. However, don’t settle for the first one you see, spend a little time comparing a few of them. Think to yourself:
- Is there website up to date and modern?
- Do they have a big online presence with the use of social media?
- Do they communicate with their customers using modern communications such as WhatsApp and video call?
- Most importantly check out their links to Trust Pilot, Facebook, and Google reviews. They should fill you with confidence. There should be lots of reviews from customers and make sure they are mostly 5-star reviews.
Every mortgage lender has a different attitude to whether they are strict or not. They do not tend to be strict in general however they tend to be for or against certain types of situations. For example, some mortgage lenders do not like people with multiple loan and debts.
Some mortgage lenders prefer employed people rather than self-employed people. The lenders tend to differ on the amount of overtime and commission they will use when calculating how much mortgage you can have. Barclays Bank tends to be a middle-of-the-road lender and is generally not under or over-strict.
If you apply for a mortgage with the Bank and they turn you down you need to proceed to the next step very carefully. The first action you should be to make a few phone calls to ask them why they have turned you down as it could be for many reasons.
It could be that you do not have a high enough credit score or even that they have picked up on late or missed repayments on your loans, credit cards, or other monthly commitments.
Barclays will sometimes report back to you with a decision on a mortgage on your new home reading search cancel search unsure. At this stage get advice from an independent mortgage advisor who will be able to access that links to the Barclays system and look at your mortgage application on your property to get further understanding.
If they will not tell you why your mortgage application failed the next step is to sign up to Experian for your credit report. Then you should get advice, information, and guidance from a mortgage advisor or mortgage broker.
All brokers like ourselves are authorised and regulated by the Financial Conduct Authority also known as the FCA.
This is for your protection as the governing body makes sure that the service and deal that is advised and that you achieve is the right one for you. barclays bank uk plc Churchill place London e14 5hp is not regulated by the financial conduct authority as they are regulated by the prudential regulation authority.