Barclays<\/a> head of mortgages, savings and insurance, Jatin Patel, said: \u201cFor many homeowners, renewing their mortgage deal can be stressful and time-consuming. <\/p>\n\u201cMany want to avoid remortgaging with a new lender because of the complexity and length of the process, and can find themselves restricted in choice.<\/p>\n
\u201cFast-track remortgage has been designed to streamline switching into Barclays, removing obstacles to finding the best option for your circumstances. <\/p>\n
\u201cEligible 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.\u201d<\/p>\n
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.<\/p>\n
Ask FT Adviser<\/p>\n
These insights do not constitute advice and should not be relied upon by users in making any specific investment or other decisions.<\/p>\n
BETA feature \u2014 this feature is still being tested and developed<\/p>\n
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.<\/p>\n
However, through fast-track remortgage, Barclays suggested that homeowners no longer need to choose between convenience and exploring the wider market.<\/p>\n
Mortgage Advice Bureau strategic lender relationship director, Rachel Geddes, added: \u201cWe\u2019re incredibly proud of the work we\u2019ve done to support Barclays in bringing the fast-track remortgage to market.<\/p>\n
\u201cWhere 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\u2019s a genuine step change for both clients and brokers. <\/p>\n
\u201cWe\u2019re excited about the benefit this will bring and proud to have played our part in delivering it.\u201d<\/p>\n
tom.dunstan@ft.com<\/p>\n
What\u2019s your view?<\/p>\n
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com<\/p>\n","protected":false},"excerpt":{"rendered":"Barclays has announced a fast-track remortgage service designed to make remortgaging to the bank faster and more straightforward.…\n","protected":false},"author":2,"featured_media":117511,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21264],"tags":[3343,13786,5483,3847],"class_list":["post-117510","post","type-post","status-publish","format-standard","has-post-thumbnail","category-barclays","tag-barclays","tag-barclays-plc","tag-ft-adviser","tag-mortgages"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/117212326294235653","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/117510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=117510"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/117510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/117511"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=117510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=117510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=117510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}