Comprehensive archive of our news and service updates

Friday 10th September

We’ve made some enhancements to our calculators to create a more consistent and simplified affordability journey.

The key changes are:

-          Bonus income questions have been added, so that you will no longer need to manually calculate bonus amounts, instead the calculations (to use 100% or 50%) will be done through our decisioning service

-          Self-Employed specific questions have been removed. This will now align the decisions given by the calculator with the recently rolled out improvements to allow us to help more self-employed customers

-          The “standalone” Mortgage Prisoner calculator has been removed. Instead, a new question has been added to the residential calculator to ask if the application is a mortgage prisoner application, this question is defaulted to “No”. (see our A-Z for more information on Mortgage Prisoner applications)

In addition to the above, we have made improvements to the calculator, such as real time error displays as you are filling in the calculator and changes to the helpful text for some of the questions.

The old calculator will cease to work from the 13th September. If you have a link saved to the residential calculator, this will need to be updated from the 13th September.

Tuesday 10th August

Effective today, we are implementing a range of changes which will simplify and enhance our Buy to Let proposition. These enhancements will help us support even more customers with their Buy to Let goals.

What’s Changing

·         Two new simplified indication calculators:  One for ‘Small Landlords and Like-for-like Remortgages’, the other for ‘Portfolio Landlords and First-Time Buyer Buy to Lets’.

·         Lower Stress rate of 4.5% for 5 year products and Like-for-Like Remortgages – With two maximum lend options shown on calculators.

·         For Small Landlords and Like-for-Like applications, Brokers select client’s tax band for assessment, no proof of income is required on submission and the application will proceed through a reduced underwriting process – This means a quicker journey for the broker and customer.

·         Removal of Loan-to-Income (LTI) cap for Small Landlord and Like-for-Like applications, meaning the maximum lend will be based on the subject property’s rental and the clients tax band.

·         Removal of top-slicing for Small Landlords and Like-for-Like remortgages. In order to help build a strong and simplistic foundation for our Buy to Let proposition, we have removed any top-slicing ability of these type of applications. Income will still be used towards Portfolio Landlord and First-Time Buyer applications.

For a high-level overview of the changes, please view our new animated explainer video:

 Buy to Let video

To complement the above changes, we have created a new Buy to Let Hub, which can be accessed below:

Buy to Let Hub

Wednesday 28th July

Effective from Thursday 29 July 2021

Here’s a full list the changes with product codes in brackets:

New Business

Core Range

Residential

Rate Changes

2 year fixed rate purchase

[FO27072] 80% LTV, decreasing by 8bps from 1.82% to 1.74%, product fee £995, cashback £250

[FO27073] 80% LTV, decreasing by 14bps from 2.40% to 2.26%, product fee £0, cashback £250

[FO27075] 90% LTV, decreasing by 25bps from 2.58% to 2.33%, product fee £995

[FO27076] 90% LTV, decreasing by 27bps from 2.97% to 2.70%, product fee £0, cashback £250

2 year fixed rate remortgage

[FO27090] 80% LTV, decreasing by 8bps from 2.36% to 2.28%, product fee £0, cashback £250

[FO27092] 85% LTV, decreasing by 26bps from 2.68% to 2.42%, product fee £0, cashback £250

5 year fixed rate purchase

[FO27077] 60% LTV, decreasing by 5bps from 1.09% to 1.04%, product fee £995

[FO27079] 70% LTV, decreasing by 27bps from 1.90% to 1.63%, product fee £0, cashback £250

[FO27082] 80% LTV, decreasing by 19bps from 2.48% to 2.29%, product fee £0

[FO27085] 90% LTV, decreasing by 19bps from 3.48% to 3.29%, product fee £0, cashback £250

5 year fixed rate remortgage

[FO27093] 60% LTV, decreasing by 9bps from 1.13% to 1.04%, product fee £995, cashback £250

[FO27094] 60% LTV, decreasing by 16bps from 1.45% to 1.29%, product fee £0, cashback £250

[FO27097] 80% LTV, decreasing by 11bps from 2.05% to 1.94%, product fee £995

Rate Changes and Cashback Changes

2 year fixed rate purchase

[FO27069] 60% LTV, decreasing by 38bps from 1.52% to 1.14%, product fee £0, cashback decreasing from £250 to £0

[FO27070] 70% LTV, decreasing by 32bps from 1.85% to 1.53%, product fee £0, cashback decreasing from £200 to £0

[FO27071] 75% LTV, decreasing by 32bps from 1.85% to 1.53%, product fee £0, cashback decreasing from £200 to £0

[FO27074] 85% LTV, decreasing by 42bps from 2.70% to 2.28%, product fee £0, cashback decreasing from £200 to £0

2 year fixed rate remortgage

[FO27086] 60% LTV, decreasing by 14bps from 1.28% to 1.14%, product fee £0, cashback decreasing from £250 to £0

[FO27087] 70% LTV, decreasing by 3bps from 1.53% to 1.50%, product fee £0, cashback increasing from £0 to £200

[FO27088] 75% LTV, decreasing by 3bps from 1.53% to 1.50%, product fee £0, cashback increasing from £0 to £200

[FO27089] 80% LTV, decreasing by 4bps from 1.75% to 1.71%, product fee £995, cashback increasing from £0 to £200

[FO27091] 85% LTV, decreasing by 16bps from 2.15% to 1.99%, product fee £995, cashback increasing from £0 to £250

5 year fixed rate purchase

[FO27078] 60% LTV, decreasing by 40bps from 1.59% to 1.19%, product fee £0, cashback decreasing from £250 to £0

[FO27080] 75% LTV, decreasing by 27bps from 1.90% to 1.63%, product fee £0, cashback decreasing from £250 to £0

[FO27081] 80% LTV, decreasing by 6bps from 2.05% to 1.99%, product fee £995, cashback increasing from £0 to £250

[FO27083] 85% LTV, decreasing by 22bps from 2.84% to 2.62%, product fee £0, cashback decreasing from £200 to £0

[FO27084] 90% LTV, decreasing by 17bps from 3.15% to 2.98%, product fee £995, cashback increasing from £0 to £250

5 year fixed rate remortgage

[FO27095] 70% LTV, decreasing by 16bps from 1.78% to 1.62%, product fee £0, cashback increasing from £250 to £350

[FO27096] 75% LTV, decreasing by 16bps from 1.78% to 1.62%, product fee £0, cashback increasing from £250 to £350

[FO27098] 80% LTV, decreasing by 15bps from 2.44% to 2.29%, product fee £0, cashback decreasing from £250 to £0

First Time Buyer

Residential

Rate Changes

2 year fixed rate purchase

[FO27063] 80% LTV, decreasing by 3bps from 1.81% to 1.78%, product fee £995, cashback £500

[FO27064] 85% LTV, decreasing by 6bps from 2.09% to 2.03%, product fee £995, cashback £500

[FO27065] 90% LTV, decreasing by 19bps from 2.59% to 2.40%, product fee £995, cashback £500

5 year fixed rate purchase

[FO27066] 80% LTV, decreasing by 4bps from 2.04% to 2.00%, product fee £995, cashback £500

[FO27067] 85% LTV, decreasing by 7bps from 2.46% to 2.39%, product fee £995, cashback £500

[FO27068] 90% LTV, decreasing by 14bps from 3.14% to 3.00%, product fee £995, cashback £500

Mortgage Guarantee

Residential

Rate Changes and Cashback Changes

5 year fixed rate purchase

[FO27062] 95% LTV, decreasing by 3bps from 3.75% to 3.72%, product fee £0, cashback increasing from £0 to £500

Cashback Changes

2 year fixed rate purchase

[FO27061] 95% LTV, 3.48%, product fee £0, cashback increasing from £0 to £500

Green Mortgages

Residential

Rate Changes

5 year fixed rate purchase

[FO27060] 60% LTV, decreasing by 5bps from 1.08% to 1.03%, product fee £995, cashback £250

New Products

2 year fixed rate purchase

[FO27058] 85% LTV, 1.96%, product fee £995, cashback £250

2 year fixed rate remortgage

[FO27052] 60% LTV, 0.92%, product fee £995, cashback £250

[FO27053] 75% LTV, 1.06%, product fee £995, cashback £250

[FO27054] 85% LTV, 1.95%, product fee £995, cashback £250

5 year fixed rate purchase

[FO27059] 85% LTV, 2.33%, product fee £995, cashback £250

5 year fixed rate remortgage

[FO27055] 60% LTV, 1.03%, product fee £995, cashback £250

[FO27056] 75% LTV, 1.29%, product fee £995, cashback £250

[FO27057] 85% LTV, 2.49%, product fee £995, cashback £250

Existing Customer

Core Range

Residential

Rate Changes

2 year fixed rate switcher

[FO27038] 60% LTV, decreasing by 13bps from 1.32% to 1.19%, product fee £0

[FO27039] 70% LTV, decreasing by 13bps from 1.70% to 1.57%, product fee £0

[FO27040] 75% LTV, decreasing by 13bps from 1.70% to 1.57%, product fee £0

[FO27042] 80% LTV, decreasing by 14bps from 2.44% to 2.30%, product fee £0

[FO27041] 80% LTV, decreasing by 5bps from 1.81% to 1.76%, product fee £995

[FO27044] 85% LTV, decreasing by 21bps from 2.70% to 2.49%, product fee £0

[FO27043] 85% LTV, decreasing by 19bps from 2.23% to 2.04%, product fee £995

5 year fixed rate switcher

[FO27046] 60% LTV, decreasing by 23bps from 1.62% to 1.39%, product fee £0

5 year fixed rate switcher - high value

[FO27051] 60% LTV, decreasing by 4bps from 1.17% to 1.13%, product fee £995

5 year fixed rate switcher

[FO27045] 60% LTV, decreasing by 4bps from 1.18% to 1.14%, product fee £995

[FO27047] 70% LTV, decreasing by 17bps from 1.91% to 1.74%, product fee £0

[FO27048] 75% LTV, decreasing by 17bps from 1.91% to 1.74%, product fee £0

[FO27049] 80% LTV, decreasing by 13bps from 2.62% to 2.49%, product fee £0

[FO27050] 85% LTV, decreasing by 11bps from 3.00% to 2.89%, product fee £0

End dates

There are no changes to end dates

Tuesday 1st June

Effective from Wednesday 2 June 2021

Here’s a full list the changes with product codes in brackets:

New Business

Core Range

Residential

Rate Changes

2 year fixed rate purchase

[FO26311] 70% LTV, decreasing by 3bps from 1.32% to 1.29%, product fee £995

[FO26313] 75% LTV, decreasing by 3bps from 1.32% to 1.29%, product fee £995

[FO26317] 85% LTV, decreasing by 2bps from 2.39% to 2.37%, product fee £995, cashback £200

[FO26320] 90% LTV, decreasing by 18bps from 3.37% to 3.19%, product fee £0, cashback £250

[FO26319] 90% LTV, decreasing by 12bps from 3.06% to 2.94%, product fee £995, cashback £250

2 year fixed rate remortgage

[FO26333] 60% LTV, decreasing by 16bps from 1.48% to 1.32%, product fee £0

2 year fixed rate remortgage - high value

[FO26364] 60% LTV, decreasing by 2bps from 1.03% to 1.01%, product fee £1,495

2 year fixed rate remortgage

[FO26332] 60% LTV, decreasing by 3bps from 1.10% to 1.07%, product fee £995

[FO26335] 70% LTV, decreasing by 12bps from 1.73% to 1.61%, product fee £0

[FO26334] 70% LTV, decreasing by 2bps from 1.34% to 1.32%, product fee £995

[FO26337] 75% LTV, decreasing by 12bps from 1.73% to 1.61%, product fee £0

[FO26336] 75% LTV, decreasing by 2bps from 1.34% to 1.32%, product fee £995

[FO26340] 85% LTV, decreasing by 4bps from 2.46% to 2.42%, product fee £995

[FO26341] 85% LTV, decreasing by 6bps from 2.78% to 2.72%, product fee £0

[FO26343] 90% LTV, decreasing by 7bps from 3.30% to 3.23%, product fee £0

[FO26342] 90% LTV, decreasing by 19bps from 3.17% to 2.98%, product fee £995, cashback £250

5 year fixed rate purchase

[FO26321] 60% LTV, decreasing by 5bps from 1.23% to 1.18%, product fee £995

[FO26324] 70% LTV, decreasing by 5bps from 1.95% to 1.90%, product fee £0, cashback £250

[FO26323] 70% LTV, decreasing by 8bps from 1.53% to 1.45%, product fee £995

[FO26326] 75% LTV, decreasing by 5bps from 1.95% to 1.90%, product fee £0, cashback £250

[FO26325] 75% LTV, decreasing by 8bps from 1.53% to 1.45%, product fee £995

[FO26327] 80% LTV, decreasing by 10bps from 2.58% to 2.48%, product fee £0

[FO26330] 90% LTV, decreasing by 4bps from 3.39% to 3.35%, product fee £995, cashback £250

5 year fixed rate remortgage - high value

[FO26365] 60% LTV, decreasing by 4bps from 1.21% to 1.17%, product fee £1,495

5 year fixed rate remortgage

[FO26345] 70% LTV, decreasing by 2bps from 1.82% to 1.80%, product fee £0

[FO26346] 75% LTV, decreasing by 2bps from 1.82% to 1.80%, product fee £0

[FO26347] 80% LTV, decreasing by 6bps from 2.54% to 2.48%, product fee £0

[FO26348] 85% LTV, decreasing by 3bps from 2.69% to 2.66%, product fee £995

[FO26349] 85% LTV, decreasing by 13bps from 3.03% to 2.90%, product fee £0

[FO26350] 90% LTV, decreasing by 2bps from 3.54% to 3.52%, product fee £0

Rate Changes and Cashback Changes

2 year fixed rate purchase

[FO26315] 80% LTV, decreasing by 1bps from 1.96% to 1.95%, product fee £995, cashback increasing from £200 to £250

[FO26318] 85% LTV, decreasing by 2bps from 2.78% to 2.76%, product fee £0, cashback increasing from £0 to £200

2 year fixed rate remortgage

[FO26339] 80% LTV, decreasing by 7bps from 2.43% to 2.36%, product fee £0, cashback increasing from £0 to £150

[FO26338] 80% LTV, decreasing by 4bps from 1.96% to 1.92%, product fee £995, cashback increasing from £0 to £150

5 year fixed rate purchase

[FO26329] 85% LTV, decreasing by 7bps from 2.98% to 2.91%, product fee £0, cashback increasing from £0 to £200

[FO26328] 85% LTV, decreasing by 6bps from 2.73% to 2.67%, product fee £995, cashback decreasing from £150 to £0

[FO26331] 90% LTV, decreasing by 4bps from 3.55% to 3.51%, product fee £0, cashback increasing from £0 to £250

5 year fixed rate remortgage

[FO26344] 60% LTV, decreasing by 3bps from 1.26% to 1.23%, product fee £995, cashback decreasing from £250 to £0

Cashback Changes

2 year fixed rate purchase

[FO26309] 60% LTV, 1.08%, product fee £995, cashback increasing from £0 to £200

[FO26310] 60% LTV, 1.52%, product fee £0, cashback increasing from £0 to £250

[FO26312] 70% LTV, 1.85%, product fee £0, cashback increasing from £0 to £200

[FO26314] 75% LTV, 1.85%, product fee £0, cashback increasing from £0 to £200

[FO26316] 80% LTV, 2.43%, product fee £0, cashback increasing from £0 to £250

5 year fixed rate purchase

[FO26322] 60% LTV, 1.59%, product fee £0, cashback increasing from £0 to £250

First Time Buyer

Residential

Rate Changes

2 year fixed rate purchase

[FO26351] 80% LTV, decreasing by 6bps from 2.00% to 1.94%, product fee £995, cashback £500

[FO26353] 90% LTV, decreasing by 13bps from 3.06% to 2.93%, product fee £995, cashback £500

5 year fixed rate purchase

[FO26354] 80% LTV, decreasing by 10bps from 2.23% to 2.13%, product fee £995, cashback £500

[FO26355] 85% LTV, decreasing by 10bps from 2.80% to 2.70%, product fee £995, cashback £500

[FO26356] 90% LTV, decreasing by 6bps from 3.40% to 3.34%, product fee £995, cashback £500

Rate Changes and Cashback Changes

2 year fixed rate purchase

[FO26352] 85% LTV, decreasing by 23bps from 2.59% to 2.36%, product fee £995, cashback decreasing from £1,000 to £500

Mortgage Guarantee

Residential

New Products

2 year fixed rate purchase

[FO26357] 95% LTV, 3.65%, product fee £0

5 year fixed rate purchase

[FO26358] 95% LTV, 3.89%, product fee £0

Green Mortgages

Residential

Rate Changes

2 year fixed rate purchase

[FO26359] 75% LTV, decreasing by 3bps from 1.31% to 1.28%, product fee £995, cashback £250

[FO26360] 85% LTV, decreasing by 1bps from 2.37% to 2.36%, product fee £995, cashback £250

5 year fixed rate purchase

[FO26361] 60% LTV, decreasing by 5bps from 1.22% to 1.17%, product fee £995, cashback £250

[FO26362] 75% LTV, decreasing by 8bps from 1.52% to 1.44%, product fee £995, cashback £250

[FO26363] 85% LTV, decreasing by 6bps from 2.72% to 2.66%, product fee £995, cashback £250

Existing Customer

Core Range

Residential

Rate Changes

2 year fixed rate switcher - high value

[FO26375] 60% LTV, decreasing by 5bps from 1.19% to 1.14%, product fee £995

2 year fixed rate switcher

[FO26366] 60% LTV, decreasing by 5bps from 1.20% to 1.15%, product fee £995

2 year fixed rate switcher - high value

[FO26376] 70% LTV, decreasing by 5bps from 1.43% to 1.38%, product fee £995

2 year fixed rate switcher

[FO26367] 70% LTV, decreasing by 5bps from 1.44% to 1.39%, product fee £995

2 year fixed rate switcher - high value

[FO26377] 75% LTV, decreasing by 5bps from 1.43% to 1.38%, product fee £995

2 year fixed rate switcher

[FO26368] 75% LTV, decreasing by 5bps from 1.44% to 1.39%, product fee £995

[FO26369] 80% LTV, decreasing by 6bps from 2.04% to 1.98%, product fee £995

[FO26370] 85% LTV, decreasing by 8bps from 2.59% to 2.51%, product fee £995

5 year fixed rate switcher - high value

[FO26378] 60% LTV, decreasing by 4bps from 1.33% to 1.29%, product fee £995

5 year fixed rate switcher

[FO26371] 60% LTV, decreasing by 4bps from 1.34% to 1.30%, product fee £995

5 year fixed rate switcher - high value

[FO26379] 70% LTV, decreasing by 3bps from 1.62% to 1.59%, product fee £995

5 year fixed rate switcher

[FO26372] 70% LTV, decreasing by 3bps from 1.63% to 1.60%, product fee £995

5 year fixed rate switcher - high value

[FO26380] 75% LTV, decreasing by 3bps from 1.62% to 1.59%, product fee £995

5 year fixed rate switcher

[FO26373] 75% LTV, decreasing by 3bps from 1.63% to 1.60%, product fee £995

[FO26374] 85% LTV, decreasing by 8bps from 2.84% to 2.76%, product fee £995

End dates

There are no changes to end dates

Friday 28th May

On the 2nd June we are implementing a change to our Buy to Let offering.

Buy to Let – Minimum Income

Our current requirement for an applicant to have £25k per annum income is being removed.

What you need to know:

A Buy to Let customer will no longer require a minimum income level to apply for a buy to let mortgage. This change applies to all buy to let application types.

Our Buy to Let affordability calculator will be updated to reflect this change from the 2nd June.

Friday 28th May

At NatWest Intermediary Solutions we appreciate that there is currently a heightened interest in the status of the UK economy, as we all seek to understand just what the future may hold and what impact this may have on the mortgage market.

To help provide you with some insight on economy, we have been working alongside our expert Economist Team to produce a new ‘Economic Hub’ for you to utilise. The hub will be updated every month and provide you with a regular overview of the key themes impacting our economy.

For brokers who have attended our regional events in recent years, you will know that the content our Economist Team produce is timely and thought-provoking, and when assessing feedback of the regional events the economist content has always scored highly.

Removal of Coronavirus Hub

From the outset of the Coronavirus outbreak last year, we created a specific ‘Coronavirus Hub’ where we housed all the updates to affected policies and processes. We have worked hard to ensure that all the relevant content on the Coronavirus Hub has now been amalgamated into our A-Z of Lending Criteria

Wednesday 26th May

From 26/05/2021 we are increasing the maximum LTV for Remortgage applications with additional borrowing (excluding Unsecured Debt Consolidation) to 90% - If any element of the Remortgage is for debt consolidation, the maximum LTV remains at 80%

What you need to know:

·         To support customers who are looking to release capital from their home (subject to current criteria), we are returning our maximum LTV back to 90% (up from 80%)

·         However, if any element of the loan request is to consolidate Debts (as per below) then the maximum LTV remains at 80%

·         Its key to note that Shared Equity & Ownership staircasing requests are NOT considered as debt consolidation and can be offered up to 90% LTV.

·         If, following the property valuation the LTV exceeds 80% and debt consolidation has been requested, the loan amount will need to be reduced to return below 80% LTV

Effective from Monday 26 April 2021

We are introducing a new credit decision engine that will initially be available exclusively for brokers from 26th April.

­­

There will be many benefits for customers who choose a NatWest mortgage via an intermediary, including that there will be no hard footprint left at the Agreement in Principle (AiP) stage and no limit to the volume of AiPs for each customer. Only at the full mortgage application stage (FMA) will the soft footprint be converted into a hard footprint.

Other benefits include:

• The AiP will be guaranteed for 30 days, provided that no changes are made
• We have simplified our decision and warning messages to provide you with greater clarity and understanding
• The streamlining of back end processes mean that you should see a reduction in requests for customer identification
• We will, in future, be able to display the relevant packaging requirements to your customer in a more bespoke fashion
• Should any reassessment of the application be necessary, the original parameters set out in the AiP will persist for the life of application

AiP transition period

-      AiPs completed before launch of the new decision engine on 26th April must be progressed to FMA by the 7th May.  After this, your AiP will expire.  All new AiPs started after 26th April will be valid for 30 days.

-      For those cases started before 26th April, we will require supporting documentation to be provided within 15 working days.  

Monday 1st March

What’s happening?

We are making the process easier for our customers when providing documentation  supporting their application. Currently we only accept uploaded PDF documents for customer documentation however we are now allowing customers to use screenshots (including mobile phone screenshots) of the required documents. See list below. 

What you need to know:

·         With immediate effect documentation from customers can now be sent as screenshots or uploaded as a PDF document.

·         The following documents are included in the change

o   Payslips

o   Bank Statements

o   Financial accounts

o   P60

o   Employer Reference Letter

o   SA302 Forms

o   Tax Calculation and Tax Year Overview

o   Gifted Deposit Letter

o   Interest Only Broker Letter

o   Given Your Agreement Form

It’s important to note that we must be able to clearly identify your customers name, account details and the date on any documentation that you submit to us and screenshots cannot be used for KYC purposes.

The required documents have not changed, it is only the format by which we accept them that has changed.