Borrowers will now be able to apply for additional borrowing outside of their product transfer window and at any time during their mortgage term.
NatWest will allow borrowers to access additional borrowing loans of between £10,000 and £500,000.
Previously, borrowers could only apply for additional borrowing during a stated four-month roll-off window.
This change has been made in response to feedback from brokers.
Additionally, NatWest has updated its broker portal with an improved document upload process, meaning brokers no longer need to email documents.
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Further, product options can be viewed upfront in the application journey. NatWest will also accept foreign income, in line with its list of acceptable currencies, and cases can be tracked more easily.
NatWest has also improved the process, so the application is pre-populated, and the questions are tailored to be relevant to the borrower.
Borrowers can apply for a standalone additional borrowing as long as they have made their first mortgage repayment, and there is a dedicated calculator to guide brokers on how much a borrower will be able to access.
Nadine Edwards (pictured), head of intermediary distribution, home buying and ownership at NatWest Group, said: “We make today’s announcement to place brokers right at the heart of our homeownership 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.
“Life often throws up moments where the ability to borrow more capital can be transformational to an individual’s circumstances. Today’s announcement demonstrates that we are always looking to support brokers and their customers’ homeownership ambitions, wherever they are on the property ladder.”
