Barclays has announced the launch of a new Fast-Track remortgage service, designed to make remortgaging to Barclays faster and more straightforward.
Available from 7th September, customers eligible for the scheme can receive an offer within 24 hours and complete in as little as five days.
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 (20% versus 10%). Moving to a new provider has also typically been slower than staying, with just 10% of recent switchers reporting that they received an offer within 24 hours, compared to 33% among those who stayed.
Process simplification is one of the top priorities for mortgage holders, following keeping costs down. Nearly a quarter (23%) say a quicker and more straightforward application process would have made them consider switching lender. A fifth (18%) also would have been motivated by less paperwork or documentation. Ease and convenience are also key drivers – three in 10 mortgage holders (31%) named customer service as a reason to stay, and 29% cited familiarity with their existing lender.
Jatin Patel, head of mortgages, savings and insurance at Barclays, 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.”
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said: "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."
