Barclays‘ fast-track remortgage service is set to go live from Monday 7 September, offering eligible borrowers a mortgage offer potentially within 24 hours and completion in as little as five days. The bank says the scheme is open to both new and existing Barclays customers, provided they meet a set of eligibility criteria.
The speed on offer is a considerable step up from the current market norm. Barclays’ own consumer research of mortgage holders across the market generally found that, on average, those who switched lender took around five-and-a-half days to receive an offer on their most recent renewal. The fast-track service aims to compress that process dramatically for those who qualify.
Who is eligible for Barclays fast-track remortgage?
Not every borrower will qualify. To be considered, applicants must have had no adverse credit events in the past two years. They must also be looking for a standard repayment mortgage rather than an interest-only arrangement, and must not be seeking any additional borrowing on top of the remortgage itself.
There are property-related limits too. Borrowers must be lending no more than 80% of the property’s value, and the home must be valued at up to £2 million. Up to two existing borrowers can apply jointly, and products must include Barclays’ standard legal service. Timelines may vary in Scotland and Northern Ireland, the bank has said.
Homeowners can apply by booking an appointment with a mortgage broker or one of Barclays’ own mortgage advisers. The bank is clear that the 24-hour window depends on accurate submission of all information and supporting documents, and remains subject to eligibility, affordability, identity, fraud and valuation checks. If a case does not meet the criteria, customers can still submit a standard remortgage application, though no offer window is guaranteed under that route.
Why the timing matters for homeowners
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.’
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, added: ‘We’re excited about the benefit this will bring, and proud to have played our part in delivering it.’
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, pointed to the broader market context. She said: ‘The mortgage market has been rife with rate volatility and product churn this year, so can be a worrying situation for those looking to secure a new deal when they remortgage, timing is everything.’ Across the market generally, she noted, the average shelf life of a new mortgage deal is around two weeks, adding another layer of pressure on borrowers trying to act at the right moment.
Ms Springall described the Barclays launch as coming at a crucial time for many borrowers due to come off a cheap fixed rate. She said: ‘Making any remortgage journey simpler and quicker will help borrowers avoid the stress of entering a long-winded application, as the fear alone can encourage them to just decide on a product transfer with their existing lender for peace of mind, and perhaps not compare deals more thoroughly elsewhere.’ Her advice to borrowers was to seek guidance early, to give themselves time to consider their options even if they ultimately stay with their existing lender.
That broader remortgage picture is backed up by Bank of England data released this week. Remortgaging approvals reached around 34,500 in July, up from 34,100 in June. The Bank’s figures capture only remortgaging with a different lender, so the total volume of renewal activity across the market is higher still. With the Barclays fast-track remortgage now adding a speed-focused option to the market, borrowers considering a switch have a new route worth exploring.
