Natwest Update

NatWest acquisition of Metro Bank mortgages – Effective 22nd November

We are delighted to announce that NatWest will acquire and complete legal title of transfer of 13,000 mortgages with the value of £3bn from Metro Bank on Monday 22^nd November.

What you need to know:

From the 22^nd November customers will start to receive NatWest roll off letters inviting them to complete their product transfer application.

We will be introducing a temporary product transfer journey until Feb 2022 before the digital solution will be available.

The key changes are:

• You will need to source ‘NatWest’ as current lender for these customers and not ‘Metro.’
• This will allow you to select the existing product transfer portfolio of rates & customers will not need to go through affordability and credit score requirements.
• A new paper based product transfer form will need to be completed for the application submissions. This can be found in on our Forms and Guides page and also the A-Z section under ‘Product transfer’, and will be available from Monday 22^nd November.
• Once submitted the SLA will be 3 working days.
• Where the customer is looking to overpay on their mortgage prior to completing the product transfer they will need to call our NatWest Operations team directly on 0345 835 9464. This overpayment will take effect within 48 hours, following this you can complete the product transfer form.
• We will also have a ring-fenced team in our Mortgage Customer Centre to support with these queries. The dedicated phone number is 0345 835 9463.

Please find some FAQs for further support.

It is very important the above process is followed, failure to do this will result in an incorrect remortgage application being submitted, which will be re-turned for resubmission of the correct product transfer application.