1)Once I have submitted my Additional Borrowing application will me and my customer get a confirmation email with a reference number?
Once the Additional Borrowing application is submitted the screen will display a confirmation of submission. There will be no email automatically generate. The next correspondence received will be an update from the underwriter. For submission of the packaging the customer’s existing mortgage account/reference should be used
2) Is there an affordability calculator for additional borrowing like the residential calculator?
Yes. A calculator is on the NWIS web site specifically for use with additional borrowing
3) When inputting dependants in on the application my client has 2 dependent children but is separated and pays court order maintenance, I presume on the application form I put in zero as we have accounted for the maintenance on the affordability questions?
Providing the maintenance for the children is accounted for, there is no need to enter the dependant children under dependants. The dependants should only be accounted for once in the affordability either under dependants or under maintenance.
4) Can my customer act on behalf of their co applicant to take additional borrowing and switch products?
Your client can act on behalf of their co-applicant providing you are aware they are so authorised however, all applicants will be required to sign the Offer/Variation to Contract documentation.
5) How quickly once submitted does the additional borrowing take to draw down?
It is time dependent on the speed of submission of packaging and how quickly the client signs and returns the offer. If a full valuation is required that can also add additional time to the process.
6) The affordability messages in New Business are they the same for Additional Borrowing?
Yes, In addition any request for additional borrowing greater than £50K this will result in a refer decision.
7) Can I do standalone Additional Borrowing at any time?
No, additional borrowing is only available when requested at the same time as a product switch.
8) Will the customer get both the switch and Additional Borrowing papers at the same time?
No, given the transactions are processed separately once additional borrowing funds have been released we’ll send the variation agreement for the new rate to be applied to the existing mortgage.
9) How will payments to the additional borrowing be collected?
The customer will still only make one monthly repayment by direct debit and we will write to advise them how much their new combined monthly payment is.
10) Can I save the application part way through and come back to complete at a later stage?
There is no facility to “save” this application unless it is fully submitted. It may be possible in the future to have a “Save” functionality, but this will be for a later release.
11) Once my customer agrees the Additional Borrowing and returns the paperwork to you how long does it take for the funds to reach their bank account?
On receipt of the signed documentation the funds will be available for release to the client in 48hrs. Or they can specify a date after the 48hrs.
12) Can I appeal a declined decision, if so what is the process?
There is no appeal process.
13) If the case declines or refers can I go back and amend details such as reduce the level of borrowing and could this change the Lending decision? If so, would this mean an additional credit search?
If the case is a decline a new resubmission of the case is required.
If the case is a refer this can be amended and resubmitted within the credit search.
14) What happens if there are any subsequent charges on this property from another Lender that are not being repaid?
We’re able to proceed if your client doesn’t have more than 1 subsequent charge (in addition to the main mortgage) which is not being repaid. If there is a subsequent charge, please note there will be fees to postpone the ranked charge if it’s not being repaid. NatWest will contact you to advise on the fees applicable. Also, we’re unable to issue the offer until the Deed of Postponement has been signed and returned by the subsequent charge holder.
15) Where will the funds be sent to when they are released?
Funds will be sent to the same Bank account that the client makes their mortgage repayments from. The only exception is where money is being used to repay a subsequent charge, in this instance the money will be sent directly to the charge holder.
16) How do I detail more than one reason for borrowing under home improvement?
Once you select Home Improvement as the reason for borrowing there will be a ‘Free Type Field’ to record more details make use of this field and detail the various reasons for home improvement