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NatWest updates furlough guidance and SLAs; Santander cuts cashback

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  • 09/07/2020
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NatWest updates furlough guidance and SLAs; Santander cuts cashback
NatWest has updated the furlough evidence it requires from mortgage applicants and told brokers it can no longer offer case updates or escalations for any applications within service level agreements (SLA).

 

The lender said it made the changes to furlough guidance as borrowers were returning to their jobs after previously being furloughed.

“We have reviewed and updated our policy to support you and your customers when applying for a mortgage with us,” it said.

“The updated guidance is effective from 9 July and covers the types of evidence required to support new applications at each stage of the customers return to work post furlough.”

There are no changes for customers not impacted by furlough, or those who are self-employed.

NatWest also notified brokers that it is now unable to provide case updates or escalations for any applications that are within SLA.

“As you are aware we are currently experiencing increased timescales processing your application due to the current pandemic,” it said.

“To help you manage your customers’ expectations we have updated our SLA’s to reflect the current increased processing times for self-employed cases. Please review these before submitting any applications.”

It urged brokers to review packaging guidelines ahead of any submissions and noted that urgent completions within 48 hours required a written confirmation from the solicitor.

“By doing this we will be able to focus our efforts on supporting urgent applications which are outside of timescales,” it added.

 

Santander cuts cashback

Santander is removing cashback from all 85 per cent loan to value (LTV) fixed-rate purchase products from 10 July.

All products will still receive a free standard valuation, up to a property value of £2.5m.

Four products are affected – a pair of two-year and five-year fixes with fee-free and £999 fee options.

 

 

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