Barclays has announced a fast-track remortgage service designed to make remortgaging to the bank faster and more straightforward.
Customers eligible for the scheme, which will launch on September 7, can receive an offer within 24 hours and complete it in as little as five days.
Explaining its launch, the bank detailed that, for many homeowners, renewing a mortgage is about more than simply securing a new rate and can involve weighing up a range of important decisions while navigating a time-consuming process.
As a result, many stick with their existing lender for convenience and certainty rather than because it offers the best option for their circumstances.
Barclays head of mortgages, savings and insurance, Jatin Patel, said: “For many homeowners, renewing their mortgage deal can be stressful and time-consuming.
“Many want to avoid remortgaging with a new lender because of the complexity and length of the process, and can find themselves restricted in choice.
“Fast-track remortgage has been designed to streamline switching into Barclays, removing obstacles to finding the best option for your circumstances.
“Eligible customers can have the certainty of an offer within 24 hours, and complete within a timeframe that works for them without the hassle of extra admin.”
Barclays also pointed out that, across the market, mortgage holders who switched lenders for their most recent renewal are twice as likely to report difficulties with the process than those who stayed with their existing lender.
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Moving to a new provider also typically has been slower than staying, with just 10 per cent of recent switchers reporting that they received an offer within 24 hours, compared to 33 per cent among those who stayed.
However, through fast-track remortgage, Barclays suggested that homeowners no longer need to choose between convenience and exploring the wider market.
Mortgage Advice Bureau strategic lender relationship director, Rachel Geddes, added: “We’re incredibly proud of the work we’ve done to support Barclays in bringing the fast-track remortgage to market.
“Where clients have previously faced waits of several months in some cases to become remortgage ready, this new proposition means that can now happen in as little as 24 hours. That’s a genuine step change for both clients and brokers.
“We’re excited about the benefit this will bring and proud to have played our part in delivering it.”
tom.dunstan@ft.com
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