Additional Borrowing policies and processes

1. During the Product Transfer application, there will be an option to request additional borrowing. Alternatively, you can click on “Additional Borrowing” in the top bar.  Once keyed a decision will be available immediately as follows:

Once you submit the application you’ll receive one of the following lending decision messages:

• Decline- This can’t be appealed. If your customer wants to proceed with the standalone product transfer, you will need to rekey the product transfer application online.
• Refer or Accept- If you receive either of these messages you need to send in full packaging for underwriter assessment. If the additional borrowing is declined by the underwriter but your customer wants to proceed with the standalone product transfer application, please call our Broker Line who can assist you with this.

2. Once submitted, please email the Packaging to PackagingExceptions@natwest.com

We will send you an acknowledgement email to confirm we have received the application.

Note - Any fees associated with the loan will be requested by the Underwriter.

3. Where the case is agreed by our underwriter, an offer for the additional borrowing amount will be emailed to your customer (you will receive a copy) which they need to electronically sign to accept.

4. Once accepted, the funds will be available for release to the customer within 48 hours or they can specify a date after the 48 hour window.

5. The Additional Borrowing sub-account will go live once the funds have been released, this will happen prior to the new Product Transfer rate going live.

6. Once the funds have been released, we will then send the customer the Product Transfer offer (variation agreement) which they need to electronically signed within 14 calendar days. A copy of this will also be emailed to you.

7. After the acceptance has been received, the new rate will take effect either when the existing fixed rate expires, or where the existing rate has already expired as soon as possible after receipt.

• Where there is more than one sub-account switching with different product expiry dates, these will be keyed as separate applications. We’ll send the paperwork for the sub-account that is due to expire first and once the rate is live on that relevant sub-account, we’ll then send the paperwork for the next sub-account(s).
• The customer will still only make one monthly repayment by Direct Debit and we will write to advise them how much their new combined monthly payment is and when it will be due.
• Note - The Additional Borrowing will be keyed first and only once funds have been released, will the Product Transfer application be processed.