NatWest has changed its product transfer process by enabling an application for additional borrowing alongside the product switch.
Details are as follows:
- Ability to switch existing mortgage and apply for further funds – Additional borrowing will be underwritten prior to the product switch.
- Minimum additional borrowing – £10,000
- Maximum additional borrowing – £500,000
- Minimum Term – 3 years
- Maximum term – 35 years
- Maximum age – 70 years old as per NatWest’s normal lending
- All new lending on capital and interest
- Rates for the additional borrowing the same as the product transfer rates
- NatWest will use House Price Index valuations for loans under 60% LTV and under £350,000
- Outside of these it will instruct a variety of valuation tools, to get an up to date valuation
- Normal new business procuration fees on the additional borrowing (minimum £250)
NatWest said it had been the main area advisers asked to be addressed since its launch into product transfers in December 2017.
Graham Felstead, head of intermediary mortgage at NatWest Intermediary Solutions, said: “I’m delighted we are adding additional borrowing to our product transfer process and believe this further demonstrates our commitment to the market.
“We are constantly reviewing our proposition and product offering, as well as listening to broker feedback to ensure our approach best suits brokers and their customers.”