NatWest has launched an enhancement to its product transfer process, allowing customers to apply for additional borrowing alongside the product switch.
Since the bank’s launch into product transfers in December 2017, this has been the main area customers have asked it to address.
Additional borrowing will be underwritten prior to the product switch, and will have a minimum amount of £10,000 and a maximum of £500,000.
The minimum term is three years, and the maximum is 35.
The maximum age for additional borrowing will be 70 years old as per Natwest’s normal lending.
Rates for the additional borrowing remain the same as the product transfer rates.
Natwest will use House Price Index valuations for loans under 60% loan-to-value ratio (LTV) and of a value less than £350,000.
Outside of these parameters, the bank will instruct a variety of valuation tools.
Normal new business procuration fees apply to the additional borrowing, at a minimum of £250.
Graham Felstead, head of intermediary mortgage at NatWest Intermediary Solutions, said: “I’m delighted we are adding additional borrowing to our product transfer process and believe this further demonstrates our commitment to the market.
“We are constantly reviewing our proposition and product offering, as well as listening to broker feedback to ensure our approach best suits brokers and their customers.”