A MAJOR bank has launched a new mortgage that can give you an offer within 24 hours and let you complete in as little as five days.
The first-of-its-kind mortgage from Barclays will be launching on September 7.
The Fast-Track Remortgage service is aimed at making it easier for customers to remortgage their home.
Barclays says letting customers receive an offer within 24 hours can help you act on the best deal available, saving time and money.
It usually takes between two to four weeks to process a mortgage offer, while completing can take seven to 28 days after exchange, according to the HomeOwners Alliance.
It’s available both to current Barclays mortgage holders and homeowners with other providers.
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You can apply by booking an appointment with a mortgage broker or a Barclays mortgage adviser.
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.
“Fast-Track Remortgage has been designed to streamline switching into Barclays, removing obstacles to finding the best option for your circumstances.”
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The mortgage will be available for up to two existing borrowers living in a standard build freehold house.
You’ll need to have a mortgage borrowing no more than 80% of the property’s value, which can be up to £2million.
You will also need to have no black marks on your credit file in the last two years, and have a standard repayment mortgage.
Customers will be checked for their eligibility, affordability, identity and home valuation first.
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said: “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.”
It comes as Coventry Building Society has also announced a change to help first-time buyers get on the ladder.
The lender said it has increased the amount first-time buyers can borrow to up to 6.5 times their income.
It is potentially reducing the deposit needed on an average-priced home in England from £69,173 to £12,273.
Applicants must earn at least £30,000 when applying alone or have a combined income of £50,000 when applying jointly.
That means a single applicant earning the average UK salary could potentially borrow up to £255,190 – enough to purchase the average first-time buyer property in England, priced at £245,450.
They would need a 5% deposit of £12,273.
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Under the previous borrowing limit, the same applicant could have secured approximately £176,277 and would need a deposit of £69,173.
Brokers have welcomed the news but warned it could overstretch some buyers’ monthly mortgage payments.