NatWest has launched a suite of additional borrowing loans allowing existing customers to apply for extra cash outside of their product transfer window and “at any time during their mortgage term”.
The lender says the offer moves on from the previous system, where customers were only allowed to apply for additional borrowing during a stated four-month roll-off window.
Its current additional borrowing loans range between a minimum of £10,000 and a maximum of £500,000.
Customers can apply for a standalone additional borrowing loan once they have made their first mortgage payment. Brokers will find an additional borrowing calculator on the lender’s intermediary hub to guide clients on how much they can borrow.
The bank adds that it has made several other improvements to its broker hub that include:
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Improved document upload process – no need to email documents
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Product selection up front in the application journey
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Foreign income accepted – in line with NatWest’s list of acceptable currencies
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Easier case tracking
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Clearer and easier to understand decision-in-principle decisions. The application is pre-populated and tailored with only questions relevant to customers
NatWest Group head of intermediary distribution, home buying & ownership Nadine Edwards says: “We make today’s announcement to place brokers right at the heart of our home ownership growth strategy.
“By making additional borrowing available outside the existing roll-off window, we are enabling and empowering brokers to deliver a bespoke service to their customers.”
