Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Barclays Unveils Fast-Track Remortgage Service for Quicker Completions

Barclays will launch a Fast-Track Remortgage service on 7 September, aiming to make the remortgaging process faster and more straightforward. The service is designed for eligible customers, with the potential to receive a mortgage offer within 24 hours and complete in as little as five days.

The Fast-Track Remortgage service is available to customers with up to two existing borrowers, borrowing up to 80% of the property’s value, and not seeking additional borrowing. The property must be a standard build freehold house valued up to £2 million. Applicants must have no adverse credit events in the last two years, and the service applies to standard repayment mortgage types.

Barclays states that eligible customers will benefit from prioritised valuations and conveyancing as part of the service. The bank describes the scheme as a “first-of-its-kind” and highlights its potential to streamline the remortgage process.

Research cited by Barclays from Opinium found that mortgage holders who switched lenders for their most recent renewal were twice as likely to report difficulties with the process compared to those who stayed with their existing lender. The research also indicated that moving to a new provider has typically been slower, with only 10% of recent switchers receiving an offer within 24 hours, compared to 33% among those who stayed. Nearly half of those who stayed with their lender said a lower interest rate from a competitor might have convinced them to switch, while almost a quarter said a quicker and more straightforward application process would have influenced their decision.

For letting agents and inventory clerks, the introduction of a faster remortgage process could mean reduced delays in property transactions and improved certainty for clients seeking to remortgage. The prioritisation of valuations and conveyancing may also help streamline the administrative process for property professionals involved in the lettings sector.