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Barclays Remortgage - 1.83% 5 Year Fixed - 75% LTV
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Barclays Remortgage - 1.83% 5 Year Fixed - 75% LTV

28
Posted 4th Jul

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Barclays revised their Re-Mortgage rates on all its products making 5 Yr. Fixed the lowest in the market at 1.83%. Other products including 2Y Fixed might be cheaper in the market compared to other high street banks worth checking.

Product terms:
1.83% 5 Year Fixed
£999
3.5% APRC
4.24%(BEBR + 3.49%) variable for the remaining term *
75%(Min loan £5,000, Max loan £1,000,000)
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Top comments
red2304/07/2019 16:04

you have to be a mug to pay arrangement fees these days.


ridiculous comment. It all depends on the amount youre borrowing.

My outstanding mortgage balance is over £500k so im more than happy to pay £999 for a better rate, my best friend just bought his first home and it only cost £80k so for him paying a grand in fees wouldnt make sense on a 70k balance.

all depends on your situation. As always folks do your maths to see what is best for your own circumstances.
Edited by: "c58" 4th Jul
28 Comments
Looks good
Good deal, i fixed at 1.89 for 5 years with them in March. Simple process if your an existing customer out of your current deal too.
Edited by: "black.knight" 4th Jul
These fees are killing what looks to be good deals,I need a 22% LTV mortgage so any deals with fees added increase the cost substantially
Edited by: "chridt" 4th Jul
So in laymen's terms

If you wished to borrow £100,000

How much deposit would you actually need

£25,000 to qualify ?

50k deposit on a £200,000 loan?
InTheKnow44404/07/2019 14:31

So in laymen's terms If you wished to borrow £100,000How much deposit …So in laymen's terms If you wished to borrow £100,000How much deposit would you actually need£25,000 to qualify ?50k deposit on a £200,000 loan?


Yes, if you are not adding the fees to the mortgage as this will obviously affect the end LTV.
So if it was £103.000, you would need to add an extra £750 to the deposit to compensate for the extra 3k in fees (as an example) ?
Edited by: "InTheKnow444" 4th Jul
InTheKnow44404/07/2019 14:43

So if it was £103.000, you would need to add an extra £750 to the deposit t …So if it was £103.000, you would need to add an extra £750 to the deposit to compensate for the extra 3k in fees (as an example) ?


If you have a £100,000 house price and put up 25% (£25,000) this would be 75% LTV. Any fees on top of this would need to be covered by yourself, in the deposit or paid for via conveyancer.
Darklord04/07/2019 14:50

If you have a £100,000 house price and put up 25% (£25,000) this would be 7 …If you have a £100,000 house price and put up 25% (£25,000) this would be 75% LTV. Any fees on top of this would need to be covered by yourself, in the deposit or paid for via conveyancer.


Thanks, i have a better understanding of it now

My son is looking to get on the housing ladder, he'll probably have 15k-25k over the next 3 years and is looking to probably borrow £128,000 (all in)

So he might need ? as a deposit
32k?
InTheKnow44404/07/2019 15:00

Thanks, i have a better understanding of it nowMy son is looking to get on …Thanks, i have a better understanding of it nowMy son is looking to get on the housing ladder, he'll probably have 15k-25k over the next 3 years and is looking to probably borrow £128,000 (all in)So he might need ? as a deposit


Problem he has is house prices will mostly always go up. This means his deposit amount will always grow year on year. Basically chasing to keep to 75% LTV.
InTheKnow44404/07/2019 15:00

Thanks, i have a better understanding of it nowMy son is looking to get on …Thanks, i have a better understanding of it nowMy son is looking to get on the housing ladder, he'll probably have 15k-25k over the next 3 years and is looking to probably borrow £128,000 (all in)So he might need ? as a deposit


You are better off working out the house price you need first, then back into the maths.

if he wants a house for 150k then to borrow 125k and put up a deposit of 25k will cover the house purchase. the ltv will be loan amount divided by house price,so 125k/150k, or 83%. you can get mortgages up to 90-95% ltv pretty easily, still, so you can increase the amount you want to borrow until the percentage goes too high.
Think House prices will be pretty stagnant in our area (up north) due to Brexit

They might even decline slightly whilst things sort themselves out and confidence returns

Good for him mind !
you have to be a mug to pay arrangement fees these days.
red2304/07/2019 16:04

you have to be a mug to pay arrangement fees these days.


ridiculous comment. It all depends on the amount youre borrowing.

My outstanding mortgage balance is over £500k so im more than happy to pay £999 for a better rate, my best friend just bought his first home and it only cost £80k so for him paying a grand in fees wouldnt make sense on a 70k balance.

all depends on your situation. As always folks do your maths to see what is best for your own circumstances.
Edited by: "c58" 4th Jul
That fee goes on your mortgage for the full term! It’s quite often better to get a slightly higher rate and no fee. Also the economy is going no where interest rates probs not going anywhere for a while why go for 5 years?
red2304/07/2019 16:04

you have to be a mug to pay arrangement fees these days.


Totally agree how much of that fee will you have paid back after the fixed term? £99? The rest is on your mortgage for the next 20
Edited by: "1VR46" 4th Jul
1VR4604/07/2019 21:12

Totally agree how much of that fee will you have paid back after the fixed …Totally agree how much of that fee will you have paid back after the fixed term? £99? The rest is on your mortgage for the next 20


You can just pay the fee up front. Doesn't have to be added to the loan.
dodgybadass04/07/2019 21:59

You can just pay the fee up front. Doesn't have to be added to the loan.


I know this but why pay a grand up front? And most people as far as I’m aware do not pay it up front.
1VR4605/07/2019 00:06

I know this but why pay a grand up front? And most people as far as I’m a …I know this but why pay a grand up front? And most people as far as I’m aware do not pay it up front.


As @c58 points out, it can be cheaper.

As far as I see, there are 2, 2 year deals available, 1.42% with a £999 fee, and 1.95% with no fee

For nterest only you will pay £1,420 at the
cheaper rate with fee, or £1,950 without a fee for every £100k borrowed. That's a difference of £530 per year, or £1,060 over the two years.

So if you borrow 100k it is cheaper by £61 over the two years, assuming you can pay the fee up front. Clearly for bigger mortgages you'll be saving quite a bit more. With a 500k mortgage it'll save you over 4k over the 2 years.

It's a bit more complicated if you're adding the fee to the loan as it depends on loan term and overall interest rates, but it can still work out a lot cheaper.

Just realised deal was for 5 year term... I used 2 years as that's what I prefer (and it keeps the maths a bit simpler). Slightly less of a differential between 5 year fee and no fee rate, but same rules apply... Especially as you're multiplying savings over 5 years.
Edited by: "dodgybadass" 5th Jul
Nationwide advisor got all up himself and refused to complete an application as my son wouldn`t take the deal with an application fee.

They tried to say he would save money when the REALITY of his situation was that the upfront fee only saved him £19 less over 5 years.....and they wanted to add it to the mortgage "to save him paying out"

We complained to the manager about feeling like we were back in the 1970`s where you just did what the wizard financial advisors told you while they made huge commisions!

The internet is a wonderful thing for debunking rip offs!
Keith953405/07/2019 09:07

Nationwide advisor got all up himself and refused to complete an …Nationwide advisor got all up himself and refused to complete an application as my son wouldn`t take the deal with an application fee.They tried to say he would save money when the REALITY of his situation was that the upfront fee only saved him £19 less over 5 years.....and they wanted to add it to the mortgage "to save him paying out"We complained to the manager about feeling like we were back in the 1970`s where you just did what the wizard financial advisors told you while they made huge commisions!The internet is a wonderful thing for debunking rip offs!


im confused,

although its only still a small saving, its still a saving. why would you complain to a manager about that?
c5805/07/2019 09:10

im confused, although its only still a small saving, its still a saving. …im confused, although its only still a small saving, its still a saving. why would you complain to a manager about that?


Because he took a day off work to go into a branch where a jumped up little so and so thought he could dictate terms and my son would just do as he`s told. After saying that he didn`t want the deal with fee`s as he would rather keep the money in his pocket to use for other moving costs, the "advisor" just added it to the mortgage and when asked how much would that now cost over the lifetime of the mortgage got TOLD it would still be £999!!!!!

At this point knowing he had been rumbled and claiming he didn`t get commision on sales, he refused to progress the application.

Luckily I was outside waiting for him so I went to speak to the manager!
Keith953405/07/2019 09:16

Because he took a day off work to go into a branch where a jumped up …Because he took a day off work to go into a branch where a jumped up little so and so thought he could dictate terms and my son would just do as he`s told. After saying that he didn`t want the deal with fee`s as he would rather keep the money in his pocket to use for other moving costs, the "advisor" just added it to the mortgage and when asked how much would that now cost over the lifetime of the mortgage got TOLD it would still be £999!!!!! At this point knowing he had been rumbled and claiming he didn`t get commision on sales, he refused to progress the application.Luckily I was outside waiting for him so I went to speak to the manager!


Sounds like the perfect time to go for a no fee, when you need the cash in hand...

Crazy that they tried to force you down one route when you explicitly told them your reasoning.

Personally I would have followed the advice given, getting it in writing that adding fees to mortgage wouldn't cost any more over the lifetime of the loan, then make a complaint. My first remortgage with Barclays netted me over £800 in compensation, and I reckon it took me 3hrs to gather evidence and write a letter.

Always worth remembering these people are regulated heavily and are giving you advice that must be best for you.
ScreechMF04/07/2019 20:21

Santander 5yr Fix is 1.75%. Includes: Free valuation and standard legal …Santander 5yr Fix is 1.75%. Includes: Free valuation and standard legal fees paid. 60% max LTVFree valuation and standard legal fees paid. 60% max LTV


That sounds quite good
Stay away from any of the 'free legals' if the legal company is optima legal!!!!.... google them, absolutely shocking!
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