Barclays will launch a Fast-Track Remortgage service on 7 September with the aim of making remortgaging “faster and more straightforward”.

To use the service there must be up to two existing borrowers, borrowing up to 80% of the property’s value with no additional borrowing.

The service must be used on a standard build freehold house up to the value of £2 million.

Customers must also be clear of adverse credit events in the last two year and it applies to standard repayment mortgage types.

The bank says that customers who are eligible for, what it describes as “first-of-its-kind” scheme, can receive an offer within 24 hours and complete in as little as five days.

Customers will also benefit from prioritised valuations and conveyancing.

Barclays cited research from Opinium, which found that mortgage holders who switched lenders for their most recent renewal are twice as likely to report difficulties with the process than those who stayed with their existing lender (20% vs 10%).

Moving to a new provider has also typically been slower than staying, with just 10% of recent switchers reporting that they received an offer within 24 hours, compared to 33% among those who stayed.

It also revealed that 49% of those who stayed with their last lender say that a lower interest rate from a competitor might have convinced them to switch.

Nearly a quarter say a quicker and more straightforward application process would have made them consider switching lender, while a fifth (18%) also would have been motivated by less paperwork or documentation.

Ease and convenience are also key drivers as 31% of mortgage holders named customer service as a reason to stay, and 29% cited familiarity with their existing lender.

Barclays head of intermediaries Roland McCormack says: “We know that remortgage timescales can be frustrating and unreliable, affecting client choice and leaving product transfer as the only option for certainty. Meanwhile, complexity for customers can narrow their choices before they have fully explored the market.”

“We have designed Fast-Track to accelerate the process for brokers and their clients, providing a real alternative to product transfers and a more straightforward route to remortgaging with Barclays. Brokers can now focus their efforts on supporting their clients to understand their options, without time consuming processes getting in the way.”

Also commenting on the launch, Mortgage Advice Bureau strategic lender relationship director Rachel Geddes adds: “We’re incredibly proud of the work we’ve done to support Barclays in bringing the Fast-Track Remortgage to market.”

“Where clients have previously faced waits of several months in some cases to become remortgage ready, this new proposition means that can now happen in as little as 24 hours. That’s a genuine step change for both clients and brokers. We’re excited about the benefit this will bring, and proud to have played our part in delivering it.”