Consider how you can remortgage with Barclays to clear your debt effectively, especially when thinking about how to remortgage clear debt Barclays can definitely assist.

Remortgage to Clear Debt and Avoid Higher Interest: A Smart Move for Homeowners

Customer Overview

A woman in her mid-50s, working in the clerical sector and based in the South of England, approached us seeking guidance as her fixed-rate mortgage was coming to an end. Her primary goal was to avoid the lender’s higher Standard Variable Rate (SVR) by remortgaging quickly and efficiently—ideally without altering her current mortgage term.

The Challenge: Expiring Fixed Rate and Urgent Decision-Making

With her current fixed mortgage deal set to expire by the end of the month, the customer faced the risk of being moved to a significantly higher SVR offered by her lender, Barclays. As interest rates have varied significantly over recent months, locking into a new deal fast was essential. However, she also wanted to stay financially flexible, avoiding long-term tie-ins or unnecessary fees, and preferred to retain her existing 15-year term. To remortgage clear debt Barclays was her chosen option, emphasising the potential benefits.

The Solution: A Product Transfer Remortgage with No Fees

We recommended a product transfer with her existing lender, Barclays, who offered a 2-year fixed rate at 4.07% with no additional fees. This avoided any delays associated with switching lenders and ensured a smooth, fast approval process. By staying with her current provider, she bypassed valuation delays, third-party solicitor interactions, and potential eligibility reassessments.

Highlights of the new mortgage arrangement:

• Loan amount: £95,115.97
• Term: 15 years (unaltered)
• Product type: 2-year fixed (4.07%)
• Arrangement/admin fees: £0
• Legal, valuation, survey fees: £0
• Repayment method: Capital & Interest

This solution offered the convenience of a quick completion, financial predictability, and portability—should she choose to move in the future. Additionally, she was allowed to overpay up to 10% per year with no penalties.

Results: Financial Confidence and Stability Regained

The customer avoided the costly SVR—and with an initial repayment of £706.90 per month, she achieved both affordability and peace of mind. Even considering future rate increases, projected payments after the fixed term remain manageable, ranging from £788.79 to £927.15 depending on interest rate changes.

She was also comfortable with the product’s early repayment terms: 2% of the redeemed loan amount applicable only until December 2027, and confirmed she had no plans to repay early within this period. She is now financially prepared and can explore new mortgage products after the deal ends—perhaps benefiting from decreased interest rates in the future. Indeed, deciding to remortgage clear debt Barclays provided her with a clear strategy for maintaining control over her finances.

Testimonial: “I was relieved to find a hassle-free option that didn’t involve switching lenders or waiting for valuations. Everything was explained clearly, and I feel secure knowing I avoided paying more than necessary.” – Satisfied Customer, Hampshire

Frequently Asked Questions

Can you remortgage to clear debt or avoid higher rates?

Yes, remortgaging as your fixed term ends can prevent you from moving onto your lender’s more expensive Standard Variable Rate. A product transfer remortgage with your current lender may be a fast and fee-free option.

Does remortgaging affect my credit score?

A remortgage with a new lender may trigger a credit check, but a product transfer with your current lender usually does not involve a new credit search, which helps maintain your current score.

What documents are required for a remortgage application?

If completing a product transfer with your current lender, documentation is minimal—usually proof of ID and confirmation of existing mortgage details. For external remortgages, you’ll typically need payslips, bank statements, ID, and evidence of other debts or expenses.

Can I repay a fixed-rate mortgage early without penalties?

Most fixed-rate mortgages have early repayment charges. In this case, a 2% penalty applies until December 2027. Always check your agreement’s terms before repaying early.

How much can I save by remortgaging?

Exact savings depend on your existing SVR and the new deal’s rate. In many cases, remortgaging before a fixed term ends can save £100s per month. Use a remortgage calculator to estimate your monthly payments. For many, considering to remortgage clear debt Barclays offers substantial long-term savings.

Ready to Review Your Mortgage Options?

If your fixed-rate mortgage is ending soon, don’t risk overpaying. Our specialists can quickly guide you through the best mortgage or remortgage options to fit your needs—whether you want to save money, consolidate debt, or simply gain more control over your finances.

Call us today on 02392 006 428 or visit our website to get started.