At NatWest Intermediary Solutions service is our number one priority, and we are dedicated to being there for our brokers when they need us most. We are the dedicated intermediary arm of NatWest and offer brokers an extensive range of mortgages designed for first-time buyers, home movers, remortgagers and buy-to-let investors.
BDM partnership model
Our BDM partnership model ensures a tailored and effective service to brokers, as brokers receives the support of one field and one phone BDM. We have made a great effort to make our service more seamless and broker friendly and with our phone and field BDMs possessing great strengths and knowledge in their respective areas, the new pairings will see brokers inherit the best of both levels of support.
We’re delighted with the enhancements we’ve been able to make with our new build proposition. We appreciate new build properties can take longer than 6 months from the customer agreeing to purchase the property to getting the keys. So to acknowledge the complexities of the new build process we have introduced an offer extension process for new build cases.
Brokers can now request an extension to an existing mortgage offer, at any point within the initial 6 month offer period. This means that customers could have a total offer period of up to 12 months. This will be subject to the confirmation of a successful credit search and property valuation.
Brokers can request an extension by populating an offer extension template here where they will need to provide a declaration confirming any detrimental financial change to the customer’s circumstances since the initial assessment. The offer extension will be valid for 6 months from the point the extension is agreed.
Take a look below to see some more highlights of our service:
We accept a wide range of income types. Click here and we’ll highlight the varied types of income that we can consider at 100%, including multiple income streams such as multiple jobs along with child benefits and also foster care income. Make sure you ask your customers to declare all of their income sources as this could have a beneficial impact on the amount we are able to lend them.
We’ve enhanced our buy-to-let offering to ensure we’re there for a wider range of customers. We have now increased the total number of buy-to-let properties we will allow a landlord customer to own from 4 to 10. The total includes any unencumbered properties and properties mortgaged with ourselves and another lender.
The maximum aggregate customer borrowing allowed has been increased to £3.5m, which is up from £2m. The current £50,000 minimum income for aggregated borrowing over £1m has been removed. All customers will be required to meet our standard buy-to-let minimum income of £25,000.
- We have reduced the minimum rental coverage ratio from 125% to 100% for customers whose total personal income is £75000 p.a. or more. (Sole income.)
- Basic Rate Tax relief will be applied for BTL property finance costs when assessing affordability.
- We have improved our approach to how we treat residential monthly rent payments for non-home owners when assessing affordability.
We want to support brokers and customers through their mortgage journey wherever we can. That’s why our underwriters will leave their direct dial during communications with brokers, so they can be easily accessed for discussions around the underwriting process. Also our dedicated LiveTALK team is on hand to complement the proactive guidance provided by our BDMs. They can give you an instant answer to questions regarding an application before you submit, be it about lending criteria, packaging or just to check a rate. If you are registered with us you can access the LiveTALK service via the Links section to the right, or from our home page.
- Employment status: We don’t require applicants to be employed full-time by a multinational company or need to understand where their company’s head office is based.
- Self employed income: This can be considered where their company is based in the UK or the Republic of Ireland (including Partnerships/Directorships)
- Payment of tax: Assuming all other criteria is met; it is not a requirement that the applicant pays their income tax in the UK.
- We may consider applications from people who:
- Work away for a number of weeks at a time but return to the UK when they are not working.
- Work away during the normal working week and return to the UK at weekends This will always be subject to an underwriter’s discretion.
- We will not consider applications from people who:
- Work abroad and only return to the UK for holidays.
- Are on secondments living permanently abroad for a short period
- Have bought a property abroad to live in.
- Access our Customers working abroad guide here.
- In the guide you’ll find details on the wide range of currencies that we accept.
- We instruct all valuations for residential and buy-to-let purchase and remortgage applications, up to £500,000, from ‘Day 1’.
- This enables the underwriting and valuation processes to run parallel, thus reducing the time a customer has to wait for an offer.
- Once the application has been submitted successfully, the valuation will be instructed and the fee for the valuation will be debited from the customer’s payment card within 24 hours.
- If we decline a case through underwriting/credit score we refund the cost up to £500k valuation.
Access our easy to use residential and buy-to-let affordability calculators here. And remember, these are the same calculators that our underwriters use!
We have made changes to the way we capture childcare costs, in order to accurately take into account the customer’s monthly childcare expenses.
- Customers will now be asked to include their specific childcare costs as a Financial Commitment and will cease to use the average ONS data for this outgoing.
- There is no formal evidence which is required for childcare costs, however if there is a difference between what is on the evidence provided as part of the application and the declared costs, this should be challenged/discussed to ensure the correct figure is used for the customer.
- As part of the affordability discussion (which takes place as part of your advice process) , you will already be discussing with the customer whether it’s certain or likely that childcare costs will change over the next 5 years. The highest figure should be used over the 5 year period.
- In some circumstances childcare costs may be unknown, for example if the customer is currently pregnant, on maternity leave or if childcare arrangements are yet to be made. Customers can suggest likely future costs or you can refer to the national average figures, which are located in our A-Z section under ‘childcare’ here.
Talk online with one of our LiveTALK team for technical help, product information and lending policy guidelines.
For new business enquiries, contact your Business Development Manager on their direct line.
Supporting documentation can be emailed to firstname.lastname@example.org
Alternatively, supporting documentation can be faxed to 0845 878 9498
Freepost NATWEST INTERMEDIARY SOLUTIONS
Luke Christodoulides, Senior Corporate Account Manager, NatWest Intermediary Solutions, said: “We greatly appreciate the numerous awards we have won over the last few years with Paradigm. These include: 2015 Best Overall Lender, 2016 Best Residential Lender and 2017 Best Overall Lender. We see this as a testament to our continued hard work in ensuring we offer the best service possible to Paradigm brokers.”