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.
ONLY FOR USE BY MORTGAGE INTERMEDIARIES
Max LTV for Remortgage Applications with Additional Borrowing
What’s happening:
- From 26/05/2021 we are increasing the maximum LTV for Remortgage applications with additional borrowing (excluding Unsecured Debt Consolidation) to 90% – If any element of the Remortgage is for debt consolidation, the maximum LTV remains at 80%
What you need to know:
- To support customers who are looking to release capital from their home (subject to current criteria), we are returning our maximum LTV back to 90% (up from 80%)
- However, if any element of the loan request is to consolidate Debts (as per below) then the maximum LTV remains at 80%
- Its key to note that Shared Equity & Ownership staircasing requests are NOT considered as debt consolidation and can be offered up to 90% LTV.
- If, following the property valuation the LTV exceeds 80% and debt consolidation has been requested, the loan amount will need to be reduced to return below 80% LTV