NatWest confirms MMR compliance details
NatWest said that changes to its application process will be minimal and that it will not materially affect how brokers submit business to the bank.
Key changes see NatWest include lending into retirement with the lender now requesting require proof of an applicant’s income beyond their statutory retirement age of 65.
In terms of affordability assessments there are no changes to the documentation NatWest asks for but it will ask a further four questions concerning future affordability.
Interest only has also been changed. For those existing NatWest customers who have an interest only mortgage and are simply moving home, there is no change.
Any additional borrowing will be on a capital and interest basis and NatWest will request details of the applicant’s interest only repayment strategy.
The bank is also withdrawing three products with guarantor mortgages, multiple applicant mortgages and regulated buy-to-let products are all withdrawn.