To think this Barclay's Advert is extremely misleading

[TortugaRumCakeQueen]

There's a Barclay's advert on the radio at the moment, which proclaims to help everyone with the cost of living rise, by allowing them to switch mortgage rates 180 days before their current mortgage expires. Great you might think! However, the advert then says, that your new rate will apply as soon as your old rate expires. So, in reality, all they are doing is letting you choose your new rate 6 months in advance, it won't actually apply the new rate until the date your old mortgage expires. And who knows what happens if you choose a new rate in advance and then base rate goes down. The advert is really pitched as though they are doing you a massive favour, but they're not, are they?

Very clever! But no, it’s not actually changing things for anyone.

They are doing you a favour though. Rates will most likely increase so letting you lock in a rate now gives peace of mind as you will know what your future cost will be. If you wait six months, rates could have risen even further.

Agree with give.

They are doing you a favour.
And you've got 6 months to see if rates improve and you can change the rate again if needed to go with the locked in figure.

But they are doing you a favour.

The change may not apply yet, but it means you can pick from current rates rather than the higher ones which will be available in six months.

You say it makes it clear when the new rate will apply from.

Also (I haven't heard the ad so don't know), it will probably come with a "ts &cs apply, subject to XYZ/Status etc". No one will ring up and suddenly / instantly get a new deal.

Secondly - it's likely that any existing deal is BETTER than any new deal (as rates have gone up recently), AND would attract early exit penalties if ended early - so I can't really see your point.

Yes this. Massive favour to be able to plan ahead.

In what way is this misleading or anything but helpful?

Isn't this always how mortgages work? Each time my rate has been due to expire in June. I was able to choose and lock my next rate 3 months before that date, with the actual rate switch happening in June.
So they're just giving you longer? I think that's great.

I don't think it's misleading

The advertising of financial products is regulated so it will have been approved by the risk / compliance guys

It just means you can choose a product 6 months before the end which could be good if interest rates rise. However I would want to know I wasn’t tied into that product and could cancel it if I found another one.

I work for a Building society and we’ve decreased some of our rates last week. Only by .25% but still…

All mortgage companies allow you to lock in a rate for 6 months - it’s just a mortgage offer, so no they’re not helping in any way.

I’ll expect to get a letter from my mortgage company end of Jan telling me what rates I can move to when my fixed deal expires in June and it will be applicable from that date
this is normal what Barclays are doing