The government-backed scheme allows first-time buyers and those wanting to move home a chance to do so with just a 5% deposit.
NatWest Intermediary Solutions will, from 2 June 2021, launch Mortgage Guarantee Scheme products for intermediaries.
The government-backed scheme allows first-time buyers and those wanting to move home a chance to do so with just a 5% deposit.
NatWest previously signalled its intention to launch the scheme for intermediaries, after it had implemented changes to its application system to provide agreements in principle (AIPs) with a soft footprint for customers.
The lender will offer both 2 and 5-year fixed rates at 95% loan-to-value LTV.
The maximum purchase price of the properties will be £600,000 and cannot be repaid on an interest-only basis.
The products will not be available for second homes, buy-to-let (BTL) properties, new-builds, or incorporated companies.
The LTV must be between 90% and 95%, and the loan must pass NatWest's standard risk assessments, such as affordability and credit checks.
On 2 June the lender will also implement a change to its BTL offering, removing its requirement for an applicant to have £25,000 per annum income.
A BTL customer will no longer require a minimum income level to apply for a BTL mortgage, a change which applies to all application types.
The NatWest BTL affordability calculator will be updated to reflect this change from 2 June.
The lender is also making numerous changes that include rate reductions of up to 23bps across a wide variety of LTV bandings and support numerous customer types, from purchase and remortgage customers, to those looking at Green Mortgages.
For purchase within its core range, the lender is to make rate reductions of up to 18bps and 10bps and selected 2 year and 5 year deals respectively.
For remrtgages, rate reductions of up to 19bps and 13bps and selected 2 year and 5 year deals respectively apply.
High value remortgages, the lender will reduce rates by up to of 2bps and 4bps on 60% LTV 2 and 5 year deals respectively.
First-time buyers will see reductions of up to 13bps and 10bps and selected 2 year and 5 year deals respectively.
Also for new customers within the lender’s green range, it will reduce rates by up to 3bps and 8bps and selected 2 year and 5 year deals respectively.
As well as this, the lender has made numerous changes to cashback across various products.
