Barclays will give some borrowers remortgage offer within 24 hours under scheme

Barclays plans to launch a new “fast-track” remortgage service from Monday September 7.The bank said that customers eligible for the scheme could potentially receive an offer within 24 hours and complete in as little as five days.New customers as well as existing Barclays customers can potentially apply.Barclays said its consumer research of mortgage holders across the market generally has indicated that, on average, those who switched took around five-and-a-half days to receive an offer for their most recent renewal.Borrowers who could be eligible include those with no adverse credit events in the past two years, people looking for a standard repayment mortgage which is not interest-only, people borrowing up to 80% of the property’s value with no additional borrowing and home values up to £2 million.Barclays said up to two existing borrowers can apply for a deal and products must include its standard legal service.Homeowners can apply by booking an appointment with a mortgage broker or one of Barclays’ mortgage advisers.The bank said that under the fast-track process, it is confident that the majority of cases will fall under the 24-hour window, however the process is still subject to eligibility, affordability, identity, fraud and valuation checks.The fast-track window is also based on accurate submission of all information and supporting documents. If the case does not meet the criteria, customers can still submit a standard remortgage application, but the offer window is not guaranteed, the bank said.Barclays said timelines may vary in Scotland and Northern Ireland.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.”Homeowners can apply by booking an appointment with a mortgage broker or one of Barclays’ mortgage advisers (PA)PA ArchiveRachel Geddes, strategic lender relationship director, Mortgage Advice Bureau, said: “We’re excited about the benefit this will bring, and proud to have played our part in delivering it.”Read MoreRachel Springall, a finance expert at Moneyfactscompare.co.uk, 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.”She said that across the market generally, the average shelf life of a new mortgage deal is around two weeks.Ms Springall added: “The fast-track remortgage from Barclays launches at a crucial time for many borrowers who are due to come off a cheap fixed rate.“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.”Ms Springall said remortgage activity is expected to remain a key area of the market before the year is over, adding: “Borrowers should seek guidance early to give themselves time to consider their options, even if they ultimately stay with their existing lender.”According to Bank of England figures released this week, remortgaging activity has recently picked up.Around 34,500 remortgaging approvals were recorded in July, up from 34,100 in June. The Bank’s figures only capture remortgaging with a different lender.