Credit Building > How does the Barclays remortgage process look like?

How does the Barclays remortgage process look like?

Wollit Team2 minute read · Updated 14th October 2024

Remortgaging is a crucial financial decision for many homeowners in the UK. It involves switching from one mortgage provider to another, often to secure a better interest rate, release equity, or take advantage of new mortgage deals.

Barclays is one of the main mortgage lenders who offers remortgages in the UK. Let’s have a look at how the Barclays remortgages work, the process involved, and what you need to keep in mind if you’re planning to apply for a remortgage with them.

Why should I remortgage with Barclays?

Barclays is one of the largest and most reputable lenders in the UK. They offer a range range of remortgage options as well as some interesting features:

No application, valuation, or legal fees: Barclays' “Great Escape” mortgages waive these fees, which can save you thousands of pounds.
Competitive interest rates: Barclays offers a variety of interest rates, including fixed and tracker rates, to suit different goals and risk tolerance.
Offset mortgages: Barclays' offset mortgages allow you to reduce your monthly payments or pay off your mortgage sooner by offsetting the balances of bank accounts against your mortgage balance.

How does the remortgage process work with Barclays?

Here are the steps you need to follow when applying for a remortgage with Barclays:

Get an Agreement in Principle. Most lenders offer an online Agreement in Principle (AiP) that lets you know if they are willing to lend you the amount you need without a full credit check. It’s not a guarantee of approval, but it helps you understand your options. Barclays offers one too.
Check if you’re eligible for a remortgage that does not charge application, valuation, solicitor, or early repayment fees. You need to consider all the costs. Luckily, Barclays has a few options that waive these, but they’re not available to all customers.
After getting an AiP, you can apply for your remortgage. Make sure you have all documents on hand to prove your income and any other loans or credit commitments. If you’re a full-time employee, get your payslips and P60 forms ready. If you’re self-employed, you’ll need your SA302 forms to show how much tax you’ve been paying over the past two years.
The final steps are similar to buying a new property. Barclays will run a credit check and arrange for your property to be valued. You’ll need a solicitor or conveyancer to handle the mortgage transfer. In some cases Barclays may offer this service for free.

How can I make the most out of a Barclays remortgage?

When considering a Barclays remortgage, you need to remember that a good credit score can help secure better interest rates and terms. This is especially important if you had a worse credit score when you got your original mortgage offer.

In other words, work on improving your credit score before applying for a remortgage with Barclays.

Luckily, now there are many apps that can help you build and improve credit.

One such app is Wollit. Wollit is an app available both on Android and iOS, and it works by reporting a fixed-fee monthly subscription as a loan repayment to all three credit reference agencies (Experian, Equifax, and TransUnion). This helps you build your credit history and gives you a chance to improve your credit score so you can secure a remortgage that will be a better and more affordable deal than what you currently have.