We are delighted to announce that today we have launched an enhancement to our Product Transfer process by enabling you to also apply for additional borrowing alongside your product switch. Since our launch into Product Transfers in December 2017 this has been the main area you have asked us to address.
A summary of the proposition is set below: but we have also added a new section on our website which gives you full details.
- Ability to switch existing mortgage and apply for further funds – Additional borrowing will be underwritten prior to the product switch.
- Minimum additional borrowing – £10,000
- Maximum additional borrowing – £500,000
- Minimum Term – 3 years
- Maximum term – 35 years
- Maximum age – 70 years old as per our normal Lending
- All new Lending on Capital and Interest
- Rates for the additional borrowing the same as the product transfer rates
- We will use House Price Index valuations for loans under 60% LTV and under £350,000. Outside of these we will instruct a variety of valuation tools, to get an up to date valuation.
- Normal new business procuration fees on the Additional Borrowing (minimum £250)
If you have a question that isn’t covered in our FAQs, please contact our LiveTALK team.
Graham Felstead, Head of Intermediary Mortgage, NatWest Intermediary Solutions: “I’m delighted we are adding additional borrowing to our Product Transfer process and believe this further demonstrates our commitment to the market. We are constantly reviewing our proposition and product offering, as well as listening to broker feedback to ensure our approach best suits brokers and their customers.”
