Barclays is rolling out its new fast-track remortgage proposition across the market following an eight-month pilot with Mortgage Advice Bureau (MAB).
The service, which Mortgage Soup revealed yesterday, launches across the market on 7 September, is designed to provide eligible borrowers approaching the end of their existing mortgage deal with an alternative to taking a product transfer.
Eligible customers could receive a mortgage offer within 24 hours and complete their remortgage in as little as five days, subject to individual circumstances and lending criteria.
MAB and Barclays have spent the past eight months examining potential delays and other pain points in the remortgage process, with the proposition aimed primarily at straightforward cases.
ALTERNATIVE TO PRODUCT TRANSFERS
The firms said the faster process could be particularly useful for borrowers who leave refinancing decisions until closer to their existing mortgage maturity date.
Depending on their circumstances, these customers can otherwise find their options becoming more limited, potentially leaving them choosing between a product transfer with their existing lender or moving onto its standard variable rate.
Fast-Track Remortgage is intended to preserve the opportunity for eligible borrowers to consider remortgaging to Barclays and compare this with the other options available to them.
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said: “Barclays’ fast-track remortgage gives advisers a competitive edge at the point of mortgage renewal, helping eligible clients move from often lengthy remortgage processes to a much smoother journey.
“Ultimately, it’s about enabling brokers to secure the best possible outcome for every client, whether they plan well ahead or approach us closer to their end date. We’re excited to be at the forefront of a proposition that makes a real difference for both clients and brokers and look forward to seeing the impact this has as it rolls out.”
‘REAL ALTERNATIVE’
Peter Brodnicki, CEO of Mortgage Advice Bureau, said: “This partnership with Barclays is exactly the kind of innovation we want MAB to be driving in the market.
“Piloting the fast-track remortgage gives our advisers real tools to compete at the point of renewal, and we’re proud of what our teams have built together to make that happen. It shows what’s possible when MAB’s reach meets a lender partner that’s eager to innovate alongside us.”
Victoria Thompson, head of strategic partnerships at Barclays, added: “We have designed Fast-Track to prove a real alternative to product transfers and a more straightforward route to remortgaging with Barclays.
“Collaborating with MAB has been hugely beneficial – by working closely together and listening to invaluable feedback from brokers, we have been able to test and refine the proposition, which has helped us tackle one of the industry’s longstanding challenges.”
