Big changes have come in for NatWest Mortgage Requirements in the last month, and it’s good news for mortgage customers, mortgage advisors, and vendors alike! The new changes cover additional income, speeding up application processing and broadened green mortgage criteria for new build developers.
NatWest Mortgage Requirements – Packaging
The first major change announced by NatWest is that three months of most recent pay slips would be accepted for all employed customers, signalling the end of countless pay slip requests to prove income. They have also announced that a gifted deposit letter must be provided where a customer is using savings or investments to fund a property purchase. They have added that foreign nationals now need to pay their deposit from their own funds, and cannot use a gifted deposit, and have to have at least six months remaining on their visa.
NatWest Mortgage Requirements – New Build Green Mortgages
Natwest have announced that buyers from selected panel new build developers could access an exclusive rate from its green mortgage range. Theses builders are currently Barratt Homes, Berkeley Group, Crest Nicholson, L&Q, Keepmoat Homes, Galliard Homes, Bellway and Cala Homes. This list is expected to increase to more developers in time as the popularity of Green Mortgages and ethical lending becomes more and more commonplace.
To speed things along, NatWest has said that they will require no additional documentation to evidence the property’s energy efficiency and Green mortgage eligibility as Legal & General Surveying Services would complete the new build develop section of the valuation report to evidence this. Specifically, if the EPC could be collected from the new build site and was lower than B rated at the time of application, the customer would be eligible for a green mortgage. They have added that green mortgages could be used for non-approved new build developers where it had an EPC rating of A or B but it would have to be evidenced on the GOV register.
NatWest Mortgage Requirements – Valuation
NatWest have actively tried to improve the speed and experience of the valuation process during the application. For customers with a purchase price or estimated valuation up to £3m their valuation will be instructed upon receipt of application. Meaning that more or less immediately after an application has gone in, a valuation will be instructed instead of being delayed to further down the line. They have also added that for applications where the purchase price or estimated valuation is above £3m, NatWest will contact them prior to the valuation being instructed..
If you or anyone you know is interested in exploring your options with a NatWest mortgage, please feel free to give our advisors a call today.