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Update: NatWest launches back into high-net-worth interest only

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  • 11/09/2015
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Update: NatWest launches back into high-net-worth interest only
NatWest Intermediary Solutions has confirmed plans to relaunch back into residential interest-only mortgages for new business from Monday 21 September.

Applicants must earn over £100,000 excluding discretionary bonuses, have a repayment strategy and take a maximum loan to value (LTV) of 75%, with further restrictions if the customer’s repayment strategy is resale.

The lender said customers will not be accepted if they plan to repay the loan within three years or use the mortgage to consolidate debt.

The lender has also said it won’t accept Help to Buy or shared equity scheme customers or customers living outside the UK and foreign nationals.

Graham Felstead, head of NatWest Intermediary Solutions, said: “We are delighted to be reintroducing residential interest only mortgages for brokers and their customers. Having undertaken a thorough review of the market, we believe we can help many customers, who meet specific conditions, with their home ownership needs with interest-only mortgages. Customers who take this option will need to have approved repayment strategies in place and agree to engage with us during the loan period so that we can support them to stay on track to repay the loan.

“The mortgage market is currently a very dynamic one which is set to continue on its growth path. We have enjoyed great support from the broker market this year and look forward to continuing to help more and more customers with their borrowing needs for the rest of 2015 and beyond.”

The lender returns to the interest-only market after pulling out completely in December 2012

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