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ONLY FOR USE BY MORTGAGE INTERMEDIARIES
Contact our dedicated New Build team for support: 0345 026 0005 (Relay UK: 18001 0345 026 0005) Calls may be recorded for training and monitoring purposes.
How can we help you? Expert support for your New Build cases
When it comes to New Build cases, having the right support can make all the difference. Our NatWest New Build Line: 0345 026 0005 (Relay UK: 18001 0345 026 0005) connects you directly with specialist experts who can help answer your questions.
From initial enquiry through to completion, expert support is just a phone call away.
Lending limits
*New Build house – 95% LTV lending allowed up to maximum loan of £570,000.
Buy to Let LTV limit is 75%.
Maximum LTVs are based on net purchase price or valuation, whichever is the lower.
For all new build applications, and subject to borrowing amount and LTV limits, the customer must provide a minimum 5% deposit.
Green Mortgages
Your customer's New Build property may be eligible for our Green Mortgage products:
- New Builds within the last two years are automatically eligible.
- Older properties that were first occupied, significantly modernised or refurbished within the last two years need evidence of an EPC rating of A or B.
- Max LTV - 85%.
For more information on our Green Mortgage policies, pleas click here.
Offer extensions
Up to 6 Month extension:
An extension can be requested on two occasions for a maximum period of three months each. The first extension should be requested within 30 days of the initial 6 month offer period expiring and then again 30 days before the first extension expires.
If both extensions are granted, customers could have a total offer period of up to 12 months.
Offer Extensions will be subject to confirmation of a successful credit search (no additional footprint will be made) and a free refreshed property valuation.
The original product will still be valid or can be updated to one in our current range.
Structural warranties
Structural warranties issued retrospectively can’t be accepted.
We’ll only lend on new builds and conversion/renovations where one of the following structural warranties are in place, which has/had 10 years or more on the warranty upon completion of the build:
* Premier Guarantee Warranties for flats will be referred to us by the acting solicitor – check the amount of cover at least equals the reinstatement figure on the valuation report.
Exposure limits on individual developments
Exposure limits will vary according to each individual development (including those that involve the conversion of usage from office to residential). This doesn’t apply to single properties that have been converted into flats.
Limits will vary according to each development and must not exceed:
25% – Scotland, England and Wales
20% – Northern Ireland
These will be set and monitored by our Valuation Panel Manager.
Find out about our current exposure levels and how many units are left on any site under development by calling our Business Development Advisors or use LiveTALK.
Builders' Incentives
We accept builders’ financial incentives on new build properties up to 15% of a property’s purchase price.
The purchase price won’t be adjusted for incentives unless the total amount of incentives is more than 5% of the price, in which case they’ll be deducted and lending will be based on the reduced purchase price (unless the property valuation is lower). For example:
- Multiple incentives can be combined, provided the total remains within our policy.
- Incentives can be accepted at 95% LTV.
- Customers must provide at least 5% from their own funds.
For Shared Ownership/Co-ownership properties, please see here.
Property costs
Please key any of the below costs as a Financial Commitment on the Full Mortgage Application.
If you'd like further guidance on our other policies, please visit our lending criteria page.