The move comes after discussions with brokers at Mortgage Solutions’ British Mortgage Senate in September this year on how to improve the quality of case submissions, where advisers raised the issue of having more time to put in applications.
As a result, Barclays has decided to increase the time allowed for residential and buy-to-let mortgage application submissions from 48 hours to five working days from the start of January.
David Finlay, intermediary business director at Barclays, said: “The move from 48 hours to five working days will give brokers an extra three days to make sure they get all the paper work in and submit a complete application.
“We want to make sure we present intermediaries’ mortgage submissions in the best possible light. We haven’t put that challenge on our own people, so why should we put it on brokers?”
He added: “The quality of applications will be a focus of Barclays in 2012 and we need our broker colleagues to work with us.
“It has to be a joint effort to identify good practice and highlight those consistently submitting cases with missing or incorrect information.”
