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NatWest boosts buy-to-let proc fees

  • 29/10/2013
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NatWest boosts buy-to-let proc fees
NatWest Intermediary Solutions has increased proc fees and reduced buy-to-let rental cover requirements as part of a move to simplify its borrower policy.

In a move designed to win over amateur landlords, the lender has introduced a standard calculation of 125% x 5.25%. In additions, borrowers must now have a minimum income of £25,000 and can have a maximum of four BTL mortgages.

Broker proc fees have been increased from 0.35% to 0.45%.

NatWest Intermediary Solutions head of intermediary mortgages Graham Felstead said: “We have actively engaged with the broker community and listened to their clients to better understand their collective buy-to-let requirements.

“We are confident that our enhanced offering – combining a lower rental cover requirement, higher proc fees and a more attractive product portfolio – will provide a compelling choice to intermediaries who serve the amateur landlord market.”

NatWest is also adding two 60% loan-to-value deals to its buy-to-let range. These are a two-year fixed-rate mortgage at 2.79% with a £1,995 product fee and a two-year tracker at 2.69% with a £1,995 product fee.

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