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Rate expires on the 31st July, likely to be sticking with Barclays so should be straightforward.
question is, how long does it take for a simple rate change?
ie how late can I leave it given there is the next BoE base rate descision on the 20th June.
Secure your new rate asap. You will be allowed to cancel it before it goes live if rates come down and secure the lower rate.
as you are with Barclays your existing rate must be fixed and not a tracker to take this action.
Have you completely discounted shopping around?
Your mortgage, your money but there is nothing to lose by doing some market research.
Barclays are some way off being the most competitive mortgage lender.
I’ve run it through the comparison sites and with the switch rates Barclays are offering there isn’t much in it to go through the hassle of a full remortgage.
i was only planning on a short fix to see where the market is at in 12 months time. Best rates are on the longer fixes which suggests to me the banks think mortgage rates are heading downwards.
Barclays have a few trackers with no early repayment fees if you want to move to another product
I'm in the exact same situation, I'm holding tight at the moment.
Similar with Barclays fir the start of June, mortgage advisor fixed but can back it out up to 2 or 3 days before if a better deal comes along.
Took us just over 6 months to get what was supposed to be a simple switch with Barclays completed.
We've just had to renew and rates for fixed are 3% higher than our old one if we could have we would have gone onto interest only fixed/tracker for 12 months and then see what happens in 6 months time.
We're stuck in a spendy deal for 2 years by which time hopefully things will come down a bit.
No idea with Barclays but to answer your original question, we did it Nationwide earlier this year and it took about 15 minutes. Log in to the mortgage account, confirm we don't want to borrow more money, select the product we want and the confirmation documents arrive in my inbox shortly afterwards.
We fixed as soon as we could (6 months out) and as rates were coming down, when they had dropped by 0.8% I called them up and cancelled the new deal which was yet to start then did the whole process again on the lower rate. Including the call to cancel the deal and then to select a new one that was only about 1/2 hour.
In the middle of this myself. Barclays app let's you select which product you want to roll into once your current one ends. Takes maybe 10 minutes to get that sorted, then it's on you to monitor their rates online incase they drop. They won't go out of their way to tell you if they do, but you can call and amend to any new cheaper deal if one comes up.
You can start this process 6 months before your deal ends, so we got our next rate provisionally booked in during march to start in August.
You want to do the final check to see if there is a better rate about a week before your deal is ending
Nationwide was painless for me too. Log in and switch on to a fix for 2 years from a tracker.
15 mins and then sorted by end of month.
Barclays rates to drop by 0.45% from tomorrow FYI
dropping a month too late.
took less than ten minutes to switch to a 1yr fixed deal. will see where the world is at in 12 months...