remortgage with bmi
Barclays Remortgage
Barclays Bank Remortgage
Barclays Bank provides a variety of remortgage options to meet diverse financial needs, including fixed-rate, tracker, and offset mortgages. Their competitive rates and flexible terms aim to help homeowners achieve goals such as securing better rates, reducing monthly payments, or releasing home equity.
At BMI Money, we recognise that remortgaging is a significant financial decision. Partnering with Barclays allows us to provide exclusive mortgage deals and expert advice tailored to your circumstances. Whether your objective is to lower your interest rate or access equity, we are dedicated to guiding you towards an informed decision that enhances your financial future.
the differences
What makes Barclays Mortgages Different?
Mortgage Boost Programme
This initiative allows family members or friends to enhance a borrower's purchasing power without directly gifting or lending money. By joining the mortgage application as a named party—without being on the property's title deeds—their income contributes to increasing the total loan amount available to the primary borrower.
Green Home Mortgages
Barclays offers preferential rates for purchasing energy-efficient properties. These mortgages provide discounted interest rates for homes with high energy efficiency ratings, promoting sustainable living and potentially resulting in long-term cost savings for homeowners.
Extended Mortgage Terms
Barclays provides mortgage terms of up to 40 years, offering flexibility in repayment schedules. This extended term can make monthly payments more manageable, catering to borrowers seeking long-term financial planning options.
3 Steps to Apply for a Barclays Mortgage
Follow these three simple steps to obtain a Barclays mortgage:
1
Assess Your Borrowing Capacity
Begin by using Barclays' borrowing calculator to estimate how much you could potentially borrow based on your income and monthly expenditures.
2
Obtain an Agreement in Principle (AiP)
Next, complete an AiP online, which takes about 10 minutes and doesn't affect your credit score. This step provides an indication of whether Barclays could lend you the desired amount.
3
Schedule a Mortgage Appointment
After securing an AiP, book an appointment with a Barclays mortgage adviser to discuss your financial situation in detail and proceed with the full application.
Pros & Cons of
Barclays Mortgages
Pro: Diverse Mortgage Options
Barclays offers a comprehensive range of mortgage products, including fixed-rate, tracker, offset, and interest-only mortgages, catering to various borrower needs.
Pro: High Loan-to-Value (LTV) Ratios
With mortgages available at 85% LTV and above, Barclays accommodates borrowers with smaller deposits, making homeownership more accessible.
Pro: Offset Mortgage Availability
As one of the few lenders offering offset mortgages, Barclays allows borrowers to reduce interest payments by offsetting savings against the mortgage balance.
Con: Strict Lending Criteria
Barclays may not be the most suitable choice for applicants with a history of poor credit, as they might find more favourable terms elsewhere.
Con: Age Restrictions
The requirement for mortgages to conclude by the borrower's retirement or 70th birthday could limit options for older applicants seeking longer terms.
Con: Limited Buy-to-Let Portfolio
Barclays imposes a limit of six buy-to-let mortgages per borrower, which may restrict property investors looking to expand their portfolios.
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Take Action with BMI Money
Utilising a mortgage broker, such as BMI Money, for a Barclays mortgage can streamline the process by providing tailored advice, access to exclusive deals, and assistance with paperwork, ensuring a smoother and more efficient experience.
Get Started Today
BMI Money's personalised service ensures that your Barclays Bank remortgaging experience is straightforward and stress-free, providing tailored solutions to meet your specific financial needs.
FAQ
about
Barclays
Mortgages
When should I consider remortgaging with Barclays?
It’s advisable to explore remortgaging options if your current mortgage deal is nearing its end or has shifted to a follow-on rate. Changes in your property’s value or personal financial circumstances may also make remortgaging beneficial.
What are the costs associated with remortgaging with Barclays?
Potential costs include early repayment charges from your current lender, arrangement fees for the new mortgage, valuation fees, and legal fees. It’s important to assess these expenses to ensure remortgaging is cost-effective.
How long does the remortgaging process take with Barclays?
The remortgaging process typically takes between 4 to 8 weeks after application. This timeframe can vary based on individual circumstances and the complexity of the application.
Do I need an Agreement in Principle (AiP) to remortgage with Barclays?
Yes, obtaining an AiP is a crucial step. It provides an indication of how much you can borrow and shows that you meet Barclays’ initial lending criteria.
Can I remortgage with Barclays to consolidate debts?
Yes, remortgaging can be used to consolidate debts, potentially simplifying your finances and reducing overall interest payments. However, it’s essential to ensure you can manage the new mortgage repayments.
What should I do if my remortgage application is declined by Barclays?
If your application is declined, consider seeking feedback to understand the reasons. Improving your credit score or financial situation and consulting with a mortgage broker, BMI Money for example, for alternative options may be beneficial.
