NatWest has announced the launch of a new additional borrowing process designed to offer great flexibility to mortgage brokers.
The new suite of products will allow existing customers to apply for additional borrowing outside of their product transfer window and anytime during their mortgage term. NatWest currently offers customers the chance to take out additional borrowing from a minimum of £10,000 and to a maximum of £500,000.
Previously, borrowers could only apply for additional borrowing during a stated four-month roll-off window. NatWest has introduced the new standalone borrowing process in response to broker feedback and the bank has also enhanced its broker portal.
The portal enhancements include an improved document upload process with no need to email documents, product selection up front in the application journey, easier case tracking, and foreign income accepted in line with NatWest’s list of acceptable currencies.
In addition, the portal will now offer clearer and easier to understand DIP decisions. The application is pre-populated and tailored with only questions relevant to customers, removing unnecessary manual steps.
Customers can apply for standalone additional borrowing providing they have made their first mortgage payment. NatWest has a dedicated additional borrowing calculator to help brokers to guide their customers on how much they will be able to borrow.
Nadine Edwards, head of intermediary distribution at NatWest Group, commented: "We make today’s announcement to place brokers right at the heart of our home ownership growth strategy. By making additional borrowing available outside the existing roll off window, we are enabling and empowering brokers to deliver a bespoke service to their customers.
"Life often throws up moments where the ability to borrow more capital can be transformational to an individual’s circumstances. Today’s announcement demonstrates that we are always looking to support brokers and their customers’ home ownership ambitions, wherever they are on the property ladder."
