Since its launch into product transfers in December 2017 this has been the main area brokers have been asking the bank to address.
Graham Felstead, head of intermediary mortgage at NatWest Intermediary Solutions, said: “I’m delighted we are adding additional borrowing to our product transfer process and believe this further demonstrates our commitment to the market.
“We are constantly reviewing our proposition and product offering, as well as listening to broker feedback to ensure our approach best suits brokers and their customers.”
A summary of the proposition is set below:
- Ability to switch existing mortgage and apply for further funds – additional borrowing will be underwritten prior to the product switch.
- Minimum additional borrowing – £10,000
- Maximum additional borrowing – £500,000
- Minimum Term – 3 years
- Maximum term – 35 years
- Maximum age – 70 years old as per NatWest’s normal Lending
- All new lending on capital and interest
- Rates for the additional borrowing the same as the product transfer rates
- NatWest will use House Price Index valuations for loans under 60% LTV and under £350,000. Outside of these it will instruct a variety of valuation tools, to get an up-to-date valuation.
- Normal new business procuration fees on the additional borrowing (minimum £250)
