Product Changes effective from Tuesday 27 October 2015

Product Changes effective from Tuesday 27 October 2015

We are updating our product range. This change to our portfolio continues to demonstrate our desire to provide a full range of products to meet our customers’ needs.

There are no changes to product rates

End Dates

2 YrTerm End Dates Moving from 31/12/2017 to 31/03/2018
3 YrTerm End Dates Moving from 31/12/2018 to 31/03/2019
5 YrTerm End Dates Moving from 31/12/2020 to 31/03/2021

Transitional Arrangements

You'll be able to produce KFIs and submit applications online for existing deals up to 10:30pm on Monday 26th October 2015.

The supporting documentation for online applications on these products must be received in our Mortgage Centre in Birmingham by close of business onMonday 9th November.

The full product fee is payable on application and is non refundable once we have produced the full mortgage offer. If selecting an alternative product from our range, the new product fee will be applicable as usual.

Missing Information Process

Cases received before Tuesday 27th October 2015 with missing information will be indentified by the Broker Support Team, who will contact the broker to obtain this. If the missing information cannot be completed on the same day, the case will not qualify for the expired deal.

If you are unable to submit a case online due to being more than two applicants, guarantor, ex pat or there is a technical issue that cannot be resolved over the phone then you must submit a paper based application. These will only be accepted for the previous reasons and you must e-mail your Broker Development Manager (BDM) by midday on Tuesday 27th October 2015. Requests received after this time will not be considered.

Your email must include in bullet point:

Your details (name, company and postcode) 
Client name
Product to choose
Amount looking to borrow
Reason for paper application 
- (If you have experienced a technical issue a clear description of the problem encountered with error code (if applicable) must be provided).
Were you trying to submit via NW Intermediary Solutions Website or Mortgage Trading Exchange?

Paper applications must be signed by all applicants and the original received at the following address by close of business Thursday 29th October 2015 for your rate to be honoured:

NatWest Intermediary Solutions
Broker Support Team
1st Floor
6 Brindley Place
Birmingham
B1 2 UU

Any cases that are submitted with missing information will not be upheld.

Any cases submitted must have all supporting documentation by Monday 9th November 2015.

Interest only criteria reminder

With effect from Sunday 2nd December all new residential mortgages must be submitted on a capital and interest basis.

Existing NatWest mortgage customers moving home can retain the interest only element of their mortgage provided they can offer proof of a suitable repayment vehicle. Any additional borrowing requirement when moving home must be taken on a capital and interest basis. Such residential applications including an interest only element must be submitted on paper using the blank application form found under 'Literature'.

  • Loan to value must not exceed 75%.
  • Residential interest only mortgages must be done on an advised sale basis.
  • There must be a suitable repayment vehicle in place for the term of the mortgage. Standard repayment vehicles that are acceptable are endowments, pensions and stocks and shares ISAs/PEPs. We do not accept sale of the secured property as a repayment vehicle

Enhanced repayment vehicles such as bonus income, stocks & shares registered with an internationally recognised trading exchange, sale of investment properties, sale of stake or whole of applicant's business or trust funds can be used (in addition to the standard ones above) if the following criteria are met:

  • the LTV is equal to or less than 75%
  • the applicant passes affordability calculations
  • the main applicant is aged 70 years or under at the end of the mortgage term
  • joint applicants earn at least £100,000 pa gross salary

In all circumstances for residential mortgages, the sale of the property will not be accepted as a suitable repayment vehicle.

Packaging – Full details of packaging requirements can be found on intermediary.natwest.com but are summarised below:

Employed applicants

LTV UP TO 75% AND FACILITY UP TO £500K

  • Latest payslip OR P60 OR latest personal bank statement (salary mandated)

LTV ABOVE 75% OR FACILITY ABOVE £500K

  • Latest 3 months personal bank statements (plus - if salary not mandated)
  • P60 or
  • Latest payslip
  • Statements are not required if applicant has salary mandated to a NatWest or RBS account.
  • Internet bank statements are acceptable providing we can identify the client including name and account number.

Important – If the salary varies on the bank statements the underwriters are likely to ask for three months consecutive payslips to gain an understanding of basic and other income.

I therefore recommend that when seeing your clients to request and send in 3 months payslips on all cases, this will ensure that your case won’t be delayed by underwriters requesting further information for clarity and therefore means that your cases will offer quicker. If you are looking to client’s bonus as part of income then please include last P60.

Self-employed applicants

LTV UP TO 75% AND FACILITY UP TO £500K

 

 

 

 

 

  • Latest year's set of audited accounts OR
  • Latest Inland Revenue tax assessment
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    LTV ABOVE 75% OR FACILITY ABOVE £500K

     

     

     

     

     

  • Latest 3 months personal bank statements AND
  • Latest 3 months business bank statements
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    PLUS ONE OF THE FOLLOWING:

     

     

     

     

     

  • Latest 2 yrs audited accounts OR
  • Latest 2 yrs Inland Revenue tax assessments
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    Underwriters will be looking to use Net Profit Figures for Sole Traders/Partnerships and Salary & Dividends for Directors of Limited Companies. Generally speaking we will look to use an average of the last two years unless declining trend, will look to ensure any drawings are sustainable to the business.

    Please note that accountants’ certificates will no longer be accepted.

    OTHER CONSIDERATIONS

    Anything unusual about your case? If this is the case then please fax over a cover note to give the underwriters an understanding otherwise they may see the case in a different light.

    ID proof for all Foreign Nationals - if applicable

    For purchase applications - please confirm source of deposit - via cover note

    Declaring ALL credit commitments (staying or paid off on completion) detail on cover note

    If client is employed and term takes past age 65 please call me

    This information should be faxed TOGETHER to Natwest on 0845 878 9498 quoting the mortgage account number and ensuring correct certification on every page.

    If you have any questions around criteria or packaging please contact ourLiveTALK team who will happily give you some guidance or if you have a 

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