Lender introduces changes to give brokers and their clients more flexibility
NatWest has introduced a revised process for additional mortgage borrowing, aiming to enable brokers to offer clients greater flexibility in managing their loans.
Under the new approach, existing NatWest mortgage customers can now apply for additional borrowing at any point during their mortgage term, rather than being limited to a four-month window prior to product transfer. The minimum amount available for additional borrowing remains £10,000, with a maximum of £500,000.
The changes were implemented following feedback from brokers, according to the bank.
NatWest has also updated its broker portal, introducing features such as a streamlined document upload system, upfront product selection during applications, acceptance of foreign income in line with its currency list, improved case tracking, and clearer Decision in Principle outcomes. The application process is now tailored to each customer, reducing manual steps for brokers.
Customers are eligible to apply for standalone additional borrowing once they have made their first mortgage payment. A dedicated calculator is available to help brokers advise clients on borrowing limits.
Rival lender Barclays has also announced today the launch of a new residential mortgage application system for intermediaries.
“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,” said Nadine Edwards, head of intermediary distribution, home buying & ownership at NatWest Group.
“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.”
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