The service, which will be launched on September 7, targets borrowers who are returning their mortgage to Barclays after having previously made deals with another lender.
Currently, the process of switching to a new lender to remortgage can be long, meaning that many borrowers prefer to make a ‘product transfer’ and conclude their next deal with their current lender.
But Barclays hopes its new express service will enable those who want to explore options outside their current provider to do so in a faster and clearer way.
In fact, Barclays said mortgage holders who changed lenders at their last renewal were twice as likely to report difficulties with the process than those who stayed with their current lender.
Switching to a new provider was also typically slower than staying put, with only 10% of new switchers reporting they received an offer within 24 hours, compared to 33% among those who stayed.
But under Barclays’ Rapid Remortgage programme, eligible customers can get an offer within 24 hours, and for those who need to move quickly, complete an offer in as little as five days. Barclays said this could save money as well as time.
Roland McCormack, head of brokers at Barclays, said: “We know that remortgage timelines can be frustrating and unreliable, impacting client choice and leaving product transfer as the only certain option.
At the same time, the complexity customers face may narrow their options before they fully explore the market.
“We designed Fast-Track to speed up the process for brokers and their clients, providing a real alternative to moving products and a clearer route to remortgaging with Barclays.”
Customers using the remortgage service will need to go through a broker to take advantage of this feature.
Rachel Geddes, director of strategic lender relationships at Mortgage Advice Bureau, said: “While customers have previously faced waiting months in some cases to be ready to remortgage, this new proposal means this can now happen in less than 24 hours.
“It’s a real step change for both clients and brokers. We’re excited about the benefit this will bring, and proud to have played our part in making it happen.”
