Offer in 24 hours, completion in 5 days, claim
Barclays will launch its new Fast-Track Remortgage today (7 September) after piloting the new product with mortgage intermediary Mortgage Advice Bureau (MAB).
The Fast-Track Remortgage offers an alternative to a product transfer for eligible customers approaching their product end date and can provide an offer in 24 hours and completion in as little as five days, the company claims.
MAB and Barclays worked together over the past eight months to identify pain points in the customer journey and create an offer that enables eligible clients to be remortgage-ready within days.
The new product also supports clients who wait until closer to their maturity date and would otherwise have limited options, such as a product transfer or moving onto their lender’s standard variable rate. Fast-Track Remortgage is also designed to help preserve the opportunity to remortgage, helping eligible clients take advantage of the wider options available to secure the most suitable product for them.
Providing a competitive edge
Rachel Geddes, strategic lender relationship director at the 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.”
Peter Brodnicki, CEO, Mortgage Advice Bureau, said: “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.”
Victoria Thompson, head of strategic partnerships at Barclays, said that the testing with MAB had been crucial to the product’s development. “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,” she said.
