NatWest intermediary solutions has expanded its green mortgage eligibility criteria to include eight new-build developers.
The high street bank’s green mortgage range currently offers new and existing customers a preferential interest rate if they have an energy performance certificate rating of A or B.
However, from today (8 August) the lender says intermediary customers of eight house building firms, and their subsidiaries, can access a preferential rate from its green mortgage range without an energy performance certificate.
The builders are:
· Barratt Homes · Berkeley Group · Crest Nicholson · L&Q · Keepmoat Homes · Galliard Homes · Bellway · CALA Homes
The lender says brokers do not need to provide any additional documents to prove the properties are built by these developers.
It adds: “LGSS will complete the new build developer section of the valuation report and when we receive this, we can see if they are approved or not.”
If an energy performance certificate can be collected from the new build site and is found to be less than B at the time of application (the valuation stage), the customer will not be eligible for the green mortgage product, says the bank.
But adds that it will let customers choose a product they would have been eligible for at the time they submitted their application.
NatWest is also making changes to its income and packaging processing for customers who use additional incomes on their mortgage applications.
It says from today requires three months most recent payslips for all employed customers.
And from 15 August, where your customers are using savings/investments to fund a property purchase it requires evidence of the funds. Where the deposit is a gift of funds customers must provide a gifted deposit letter.
The lender adds that foreign national customers are required to pay their deposit from their own funds, “this means they cannot use a gifted deposit, and the customer’s visa must have at least six months remaining”.
It adds that “underwriting of the mortgage application can only begin once we have all documents required”.
