Six times income now available at lower LTVs; WhatsApp support for intermediaries launched
NatWest has adjusted its residential lending criteria, increasing maximum loan to income (LTI) multiples for certain borrowers and setting out new digital support for intermediaries.
Under the lender’s revised policy, effective immediately, sole applicants with an income above £75,000 may now be eligible to borrow up to six times their income on purchase and remortgage business, where the loan-to-value (LTV) is 75% or lower. The same six times LTI cap will apply to joint applications where combined earnings exceed £100,000.
The bank has also lifted the general maximum LTI for a wider pool of customers from five to 5.5 times income on repayment mortgages. NatWest said the move is intended to increase borrowing capacity for those seeking to buy their first home, move property or refinance with the lender.
On the bank’s figures, an applicant earning £75,000 a year could, under the new limits, borrow up to £37,500 more than was previously possible.
The LTI changes apply to capital-and-interest residential mortgages only.
“Today, we announce new lending criteria for our mortgage customers to help more people get the home or mortgage that they need,” said Lloyd Cochrane (pictured right), head of mortgage propositions at NatWest Group.
“As a major lender supporting the housing market in the UK, we are committed to championing home ownership and today’s changes allow us to responsibly lend more to our mortgage customers.”
Alongside the criteria update, NatWest has introduced a dedicated WhatsApp channel for mortgage brokers and intermediaries. Launched earlier this week, the service enables brokers to contact the NatWest Intermediaries team via instant messaging for real-time support.
The WhatsApp channel will handle queries on pre-application cases, post-application progress and routine administrative issues, including password resets for the NatWest Broker Portal.
“We have launched a dedicated WhatsApp channel for mortgage brokers so that brokers can get instant access to our intermediaries team,” Cochrane said.
“We have launched this to make it even easier for brokers to work with us. All these moves support our goal of bringing more joy and less stress to the process of buying a home in the UK.”
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