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Natwest changes income and packaging requirements and green mortgage criteria

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  • 08/08/2022
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Natwest has altered its income and packaging requirements to better cater for customer’s additional income and speed up application processing and has broadened its green mortgage criteria to include new build developers.

 

On the income and packaging side, the lender said that from today, three months of most recent pay slips would be accepted for all employed customers.

Natwest continued that from 15 August, a gifted deposit letter must be provided where a customer is using savings or investments to fund a property purchase.

It added that foreign nationals needed to pay their deposit from their own funds, so could not use a gifted deposit, and had to have at least six months remaining on their visa.

Natwest recommended brokers consult its income and packaging guide prior to submission, and said it would only begin underwriting a mortgage application when it had all required documents.

It reiterated that if it needed to request further information this would extend underwriting timescales.

 

New build developers eligible for green mortgages

Natwest said from today intermediary customers of select new build developers could access a preferential rate from its green mortgage range.

The builders include Barratt Homes, Berkeley Group, Crest Nicholson, L&Q, Keepmoat Homes, Galliard Homes, Bellway and Cala Homes. It also includes subsidiaries of the companies.

The lender said no additional documentation to evidence the property’s new build development would be needed as Legal & General Surveying Services would complete the new build develop section of the valuation report that it could check again.

Natwest said that if the EPC could be collected from the new build site and was lower than B rated at the time of application, the customer would be eligible for a green mortgage.

It added that green mortgages could be used for non-approved new build developers where it had an EPC rating of A or B but it would have to be evidenced on the GOV register.

 

Improvements to valuation journey

Natwest has also made improvements to its “valuation journey” which will remove delays for high value customers and support those commissioning their own survey.

For customers with a purchase price or estimated valuation up to £3m their valuation will be instructed upon receipt of application.

For applications where the purchase price or estimated valuation is above £3m the lender said it would contact them prior to the valuation instruction.

Natwest is also removing its Know Your Property disclaimer and will also provide guidance on how people can arrange their own survey online. This includes contact details to discuss their options with Legal & General Surveying Services.

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