NatWest for Intermediaries has released a product update. For their latest products visit the product page on their website or the news section of their intermediary website. A summary of the changes is below. Contact us for more information.
We can now accept screenshots for documents
What’s happening?
We are making the process easier for our customers when providing documentation supporting their application. Currently we only accept uploaded PDF documents for customer documentation however we are now allowing customers to use screenshots (including mobile phone screenshots) of the required documents. See list below.
What you need to know:
- With immediate effect documentation from customers can now be sent as screenshots or uploaded as a PDF document.
- The following documents are included in the change
- Payslips
- Bank Statements
- Financial accounts
- P60
- Employer Reference Letter
- SA302 Forms
- Tax Calculation and Tax Year Overview
- Gifted Deposit Letter
- Interest Only Broker Letter
- Given Your Agreement Form
It’s important to note that we must be able to clearly identify your customers name, account details and the date on any documentation that you submit to us and screenshots cannot be used for KYC purposes.
The required documents have not changed, it is only the format by which we accept them that has changed.
NatWest to make rate reductions on deals for new customers
Effective from Friday 12th March 2021 we are delighted to announce that we will be making a range of rate decreases across our new customer product range.
These changes are across a wide variety of LTV bandings and support numerous customer types, from those looking to purchase or remortgage or for first time buyers.
New Business – New Products and Rate Changes
Core Range
- Purchase: Rate reductions of 1bps on selected 2 year deals and 5bps and 90% LTV 5 year deal respectively
- Remortgage: Rate reductions of 1bps on selected 5 year deals
- Remortgage – High Value: Rate reduction of 1bps on 60% LTV 5 year deal
- Green Mortgages: Rate reductions of up to 5bps selected LTV 2 year deals and 1bps on 85% LTV 5 year deal respectively
- First Time Buyer: Two new 85% and 90% LTV products with £0 product fee and £250 cashback
- Buy to Let Purchase: Rate reductions of 13bps on selected 2 year deals
- Buy to Let remortgage: Rate reductions of 5bps on 2 year deals and up to 9bps on selected 5 year deals respectively
New Business – Rate Changes and Cashback Changes
- Purchase – Rate and Cashback Change: Rate reduction of 1bps on 90% LTV 2 year deal, with cashback increasing from £0 to £250
- Purchase – Cashback Change: Cashback increasing from £0 to £200 on 60% LTV on 2 year deal and increasing up to £250 on selected 5 year deals respectively
Existing Customer
No Changes
End dates
There are no changes to end dates
You can download a PDF of the updated product ranges on our Website. For a full summary of the changes, including transitional arrangements, visit the Latest News section on our home page.
New dedicated broker support line to help customer applications benefit from stamp duty holiday extensions
Do you have customers looking to complete before the extended stamp duty holiday deadline? At NatWest Intermediary Solutions we’re doing all we can to help.
Starting today, we’re opening a new dedicated support line exclusively for brokers, to help answer your queries relating to applications that need to be completed in time to benefit from the stamp duty holiday.
The number to call us on is: 0345 600 0205, selecting option 2. Lines are open from 9am – 5pm Monday to Friday.
Please ensure you have your Customer name and Account Number, or Postcode and first line of address to hand when calling us. Our agents will also ask two random questions from the following:
- Customer’s Middle Name or Customer’s DOB
- Correspondence address and postcode
- Loan amount within £5k or balance within £5k
- Current account number and Sort code
We would also like to highlight that we have spare capacity within our underwriting teams. This means that provided cases are fully packaged with all required documentation, and there’s no delayed access to the property for the Valuer, then we have a high degree of confidence in being able to issue the Offer of Loan prior to 30th June. Our fully packaged application time to offer is circa 2 days.
You’ll be aware that we will also take search indemnity insurance which puts us ahead of many lenders in the market and makes hitting the deadline more likely.
We will also instruct your valuation on day 1 for cases under £500K. For cases above this amount, the instruction will happen after we have underwritten the case which is currently 2 days given our present underwriting service standards.
We can also support customers who have been delayed with their house purchase to help them take advantage of the stamp duty holiday extension. You can apply for an existing mortgage offer to be extended on behalf of the customer:
- For up to 3 months. where a customer is one month from expiry of their current mortgage offer
- For up to 6 months, in 3 month increments, for New Build properties
To help make sure that your customers are ready to complete on their house purchase, we have created a top tips guide, which you can download from our website to share with your customers.