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NatWest and Metro Bank withdraw high LTV product ranges

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  • 01/04/2020
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NatWest and Metro Bank withdraw high LTV product ranges
Metro Bank has cut all lending above 80 per cent loan to value (LTV) as the coronavirus prevents physical valuations from being carried out.

 

The lender has worked with partner Legal & General Surveying Services to put in place digital valuations on loans below 80 per cent LTV.

In line with the industry, Metro has extended purchase offers by up to three months. Borrowers have been advised to contact their mortgage broker or solicitor to organise an extension.

 

NatWest

NatWest has removed all residential mortgages above 80 per cent loan to value for new business. The withdrawal of more than 40 products includes purchases and remortgages.

Brokers who submitted applications online up until 10.30pm on 31 March must send in supporting documentation for the now withdrawn products to the Birmingham mortgage centre by close of business on 14 April.

If brokers need to submit a paper application, they must email their business development manager by midday 1 April to give them details of the case. The full list of details required are on NatWest’s intermediary website.

The original paper application, signed by both applicants, must be received by 3 April close of business in the bank’s Greenock mortgage centre.

NatWest has also reduced its standard variable rate (SVR) following the cut in the Bank of England base rate to 0.1 per cent.

Its SVR is now 3.59 per cent for residential deals and 4.09 per cent for new buy to let deals.

 

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