The new scheme will launch on Monday (7 September) and is aimed at homeowners who stick with existing lenders out of convenience and certainty.
Renewing a mortgage is often seen as a complex and time-consuming process.
Barclays said research shows, across the market, 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.
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.
The lender hopes that through a fast-track remortgage, homeowners will not have to choose between convenience and exploring the wider market.
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The service also gives brokers the “first meaningful alternative” to product transfers, according to Barclays.
Through Fast-Track, eligible customers will benefit from prioritised valuations and conveyancing, which means brokers can help secure a competitive deal for their clients.
Nearly a quarter of mortgage holders say a quicker and more straightforward application process would have made them consider switching lenders.
Roland McCormack, head of intermediaries at Barclays, said: “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.”
Rachel Geddes, strategic lender relationship director, Mortgage Advice Bureau, added: “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.”