So its time to remortgage and you need to plan enough time for your Barclays remortgage. If you start the mortgage 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 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 your re-mortgage with the bank.
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. Something that will make a mortgage proceed slower is if you are self-employed as often the times are longer due to getting the required documents and information over. If you have a lot of outgoings and debts this can also mean a mortgage can proceed at a slower pace.
Below we will answer the main questions around the re-mortgage process and will explain what you can expect from the high street banks process.
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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 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.
Secondly, if there are any hold-ups or problems 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, starting early will give you plenty of time to switch to another lender.
Paying too much for your mortgage?
Chances are you could save money with a better rate
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 a 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 your mortgage deal however more realistically it will be a day or two.
How long does a remortgage take after offer?
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 strict with mortgages?
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 debt and other 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.
What can I do if Barclays turn me down for my mortgage?
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 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 payments on your loans, credit cards or other monthly commitments. If they will not tell you why your 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.
How do I get my Barclays remortgage underway?
There are two options open to you.
- The first option is to call the call centre and talk to someone who will arrange a call 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 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
How do I find a fees free mortgage broker?
You have a couple of choices. Firstly ask your family and friends, do you know of a no-fee mortgage broker near me? If this 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 Facebook and Google review. They should fill you with confidence. There should be lots of reviews from customers and make sure they are mostly 5-star reviews.
How YesCanDo can do your Barclays mortgage
YesCanDo Money are the largest fees-free mortgage broker on the south of England. They are a family run independent mortgage brokers who give amazing customer service.
YesCanDo will do all the hard work for you. Sit back while YesCanDo submits your Barclays mortgage application completing all the necessary paperwork and seeing your 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 mortgage lenders to find you a 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 Google and Facebook reviews.
Wondering how long does a remortgage take with Santander? Below is a blog that explains a similar process but with Santander.