Barclays has become the latest lender to halve the amount of time borrowers have to lock down a new rate from six months to three.
It follows similar moves from Halifax, Nationwide and Santander.
In a message to brokers, Barclays says it is reducing its product transfer window from 180 days to 90.
The lender says it originally increased the window to 180 days in 2022
“to help provide certainty to customers in a volatile rate environment”.
However, it is now going back to the previous 90-day window from Wednesday 25 September.
It says: “We are making these changes in the context of the current stable rate environment and the vast majority of our customers applying for product transfers within the last 90 days of their maturity.”
Trinity Financial product and communications director Aaron Strutt says: “Mortgage lenders have been trying to get away from the six-month window often because of the sheer level of administration work it takes to make multiple rate switches.
“Now rates are coming down there is not as much urgency for borrowers to secure a new deal quite so quickly although problems may come up when rates start to rise again.
“There is a chance more borrowers will remortgage to other lenders rather than take a product transfer, especially if they want to make sure they lock into a new deal earlier.”
