If you have a Barclays mortgage and are looking to move home, you may be wondering if it’s possible to transfer your mortgage to a new property and if it’s the right option for you. In this guide, we explain everything you need to know about your options when moving home with a Barclays mortgage.

Are Barclays mortgages portable? 

Most have the option to, although it’s not a certainty that you’ll be able to, the application is subject to similar underwriting to normal Application process and subject to credit checks affordable and criteria. It depends on the mortgage product type. For example some mortgages with government schemes like help to buy may not be portable. It’s important to check terms. 

Benefits to porting

There are many benefits to porting a Barclays mortgage. For example, you can keep your current deal, which may be advantageous if rates have gone up. You may be able to avoid early repayment charges if you transfer at least a similar amount over to the new property. The process may be streamlined because Barclays already has your information. Additionally, you may be able to borrow more on top of your existing mortgage.

Considerations when porting 

Although your mortgage may be portable, it doesn’t necessarily mean it’s the right option, even if you’re tied in with exit fees and switching lenders means you incur one. Your current deal may no longer be suitable for you, or there might be better deals available elsewhere. Additionally, your current lender might not allow you to borrow the amount you need, whereas a new lender may consider it.

If you’re looking to borrow additional funds, it may mean splitting your mortgage into several sub-accounts, which can make remortgaging more complex. For example, if you owe £100,000 that’s fixed until May 2029 and you move and borrow additional funds on a fixed rate until July 2028, you would have to address remortgaging on separate occasions.

How to Check If You Are Eligible to Port a Barclays Mortgage

Firstly, check your existing terms either via the original mortgage offer, annual statements, or by contacting Barclays or a broker. Once you’ve established that you have a mortgage that can be ported, it’s time to check if it’s still suitable for you and if it’s possible to port. It’s best to do this with a broker who can also compare options with other lenders.

Once you’ve determined the best path, you will still need to secure an Agreement in Principle (AIP) just as you would with any other mortgage.

Terms when porting 

When porting, you can usually adjust the terms of your mortgage or keep them the same. For example, if you’re borrowing more money, you may want to extend the term. Conversely, if you’re reducing your mortgage, you may want to decrease the term. You may opt to keep the existing borrowing on the same terms and increase the term on the top-up borrowing. Additionally, you may be able to change the repayment type if you meet the criteria, such as switching from interest-only to repayment or vice versa.

Is there a grace period for porting a Barclays mortgage?

Yes, you can transfer your Barclays mortgage as long as you complete the new mortgage within 90 days of your existing mortgage being repaid. This can be helpful if you need to break the chain. However, it can be risky if you fail to complete after selling your current home. Typically, you pay the exit fee first if not simultaneously and reclaim it when the purchase completes.

How much can I borrow when transferring a Barclays mortgage? 

Typically, you can borrow 4-5 times your income, or up to 5.5 times your income if you are a higher earner. The exact amount depends on your outgoings and the deposit amount.

Strive, a specialist mortgage broker for porting Barclays mortgages 

At Strive, we specialise in helping clients port Barclays mortgages. We start by checking your eligibility and evaluating if porting is the best option for you. We then arrange an Agreement in Principle (AIP) and complete the application on your behalf. Throughout the entire process, we provide continuous support to ensure a smooth and stress-free experience. If you have a Barclays mortgage and want to know more about your home moving options, get in touch and one of our experienced brokers would be more than happy to help. 

FREQUENTLY ASKED QUESTIONS 

  • Is there a penalty for porting a mortgage? Not usually, if you port your existing mortgage balance over. However, if you reduce and overpay on it, you may be subject to early repayment charges (ERCs).
  • Can a Barclays mortgage be ported?Yes, a Barclays mortgage can be ported, subject to meeting certain criteria.
  • How long does porting a mortgage take? The application process typically takes 10 days to 2 weeks. However, the home moving process itself can take far longer, typically 3-5 months.
  • Can a Barclays mortgage be transferred to a new house? Yes, a Barclays mortgage can be transferred to a new house, subject to approval and meeting the necessary criteria.
  • Can I transfer my Barclays interest-only mortgage to a new home? Potentially, depending on the criteria and subject to minimum deposit requirements. Check with a broker for specifics.

Can I port my Barclays buy-to-let mortgage? Potentially, subject to terms, up-to-date policy, and rental stress tests. Check the terms of your mortgage and consult with a broker.

Contact us todayand we’ll work hard on your behalf to find you a competitive mortgage.

For more information on mortgages for contractors, please contact a member of the Strive team, by emailing [email protected] or call us on 01273 002697.