It will be assumed that commitments will have been repaid by the applicant's intended retirement age. The maximum age at the end of the term is 70 and the maximum term is 35 years.
For non-income providers these checks are not required. For limited company directors applying for a mortgage, we take an average of their last two years' salary and dividends. If the customer intends to run a business from the property, we can provide a mortgage only if the property is being purchased primarily for residential use and can be readily restored in its entirety to owner occupation. Typical examples of these customers might be architects, accountants, chiropractors, physiotherapists, etc.
The title restrictions on this type of property can affect future sale. Unacceptable commercial activity includes but is not limited to:. We require evidence of an applicant's income via their most recent three months' bank statements and their last three months' payslips, prior to their maternity leave.
We will use the applicant's basic salary they earned prior to going on maternity leave for affordability purposes. We reserve the right to request additional information if required. We will ask the applicant to confirm that they intend to return to work after their maternity leave but will not seek the employer to confirm.
Also see 'Lending limits'. It aims to harmonise mortgage markets across the European Economic Area, ensuring that mortgage firms act fairly and professionally and that their staff have an appropriate level of knowledge and competence for advising, manufacturing and servicing mortgages. The key issues that lenders and brokers had to incorporate into their businesses were:. This document includes some additional disclosures for customers to ensure they fully understand their mortgage product and the risks of future interest rate increases.
Transitional arrangements are in place to enable lenders to use a KFI 'top-up' approach before moving to the new Mortgage Illustration no later than March We have implemented the use of the new Mortgage Illustration without the transitional step of using the KFI 'top-up'.
At any point during this period the customer can accept the offer, and likewise reject it, or allow the offer to lapse. We already give our customers longer than 7 days for them to consider offers they receive, so this will not have any impact on our current processes. If a customer wishes to complete the mortgage at any point during the 7-day reflection period they can waive the period by accepting the offer.
We will still retain our right to review our decision to lend should new information be provided that changes a customer's eligibility. If a customer has their application declined, they need to be told of this decision in a timely manner. Furthermore, if the decline is as a result of information held about the customer by a credit reference agency, the applicant must be informed of the particular agency used.
We currently use Equifax as our credit reference agency of choice. Regulation of second charge mortgages: We do not currently operate in the second charge lending sector and have no intentions to do so.
A new build is defined as any property built, first occupied in its current state or significantly modernised, refurbished or altered within the last two years. The amount will be calculated on the net purchase price or the valuation, whichever is the lower.
Also see 'Builder's Incentives' and 'Offer of Loan - validity'. Offer of loan validity. Standard mortgage offers are valid for six months. New Build mortgage offers are valid for six months. This will be subject to succesful refresh of a credit search and property valuation. You benefit immediately from overpaying directly to your mortgage. If you make an overpayment or lump sum payment then the amount you owe, and the amount of interest you pay, is reduced immediately.
You can arrange to set up, discontinue or alter a regular overpayment in writing or by telephone at any time after completion of the loan. We must receive your request at least 14 days prior to your next payment day in order to be processed in time for that payment, otherwise the change will take effect from the following your payment day.
Regular overpayment amounts will be collected with your monthly payment and will not be varied automatically as a result of any change to the interest rate. The agreed overpayment will continue to be collected with the revised monthly payment after any such change.
Please complete and send it to kfirequests natwest. We will email the Mortgage Illustration to you within 48 hours. Full details of the product mix should be supplied in the additional information section. For customers of the below brands who wish to port, the customer must contact the number below directly:. There should be six months of continuous employment, although this doesn't need to be with the same employer.
In the event of a joint application where affordability is met based on the main applicants income only, there is no requirement for the joint party to meet the continuous employment requirements. Applications can be considered from graduates who are in full time employment and completing a period of probation, as it is rare for permanent status not to be confirmed.
We offer a facility to enable you to assist existing NatWest mortgage customers to switch to a new NatWest mortgage rate when their current deal comes to an end. This will need to be entered as a guaranteed bonus on the AIP and full application, and will be subject to the full underwrite.
We can take rental income into account if it can be can be evidenced by two years of accounts or SAs. We will take an average of the last two years' net profits. The following methods are acceptable: This is subject to credit score and affordability.
Transcripts are only acceptable for Scottish residential property purchases and only where they are a re-type of the Home Report valuation. The home report valuation must have been carried out by a valuer on our panel and be less than three months old.
We must instruct the transcript request. Transcripts instructed by any other party are not acceptable. For buy-to-let purchases, a standard valuation will instead be instructed. We are unable to support customers seeking to remortgage a self build property completed in the last 2 years. Customers can continue to remortgage to older self build properties. Self-employed applicants are able to complete their tax self-assessments online.
Copies of online submissions are acceptable provided:. We lend on the Government-backed shared equity schemes. We do not currently offer a shared equity scheme remortgage product. The following eligibility criteria apply:. Feuhold, Freehold, Leasehold and Sub-Leasehold.
Minimum term is 3 years. The following forms of income are classed as unacceptable for a mortgage application: This will enable the underwriting and valuation processes to run in parallel, reducing the time a customer has to wait for an offer.
We will provide customers with a full refund if their applications are declined on the grounds of affordability or credit scoring or where we cannot lend the full amount requested due to affordability issues.
The applicant may need to pay for a valuation report. Where a fee is payable, it is based on the purchase price, or estimated value of the property. This includes a free valuation and legals for a standard remortgage.
There may be instances where a customer may not qualify for this. A valuation will always be obtained using a panel surveyor instructed by us RBS Group. The customer may need to pay for a valuation report or a more detailed survey.
This fee is based on the purchase price, or estimated value of the property. The following tables give a guide fees are applicable from 16 Jan This fee is paid when the mortgage is arranged and is refundable until completion. Once your client's mortgage is set up, they may need to pay one-off fees for other services. These include changing the date of direct debit collection, duplicate statements, adding or removing someone from their title deeds.
If you'd like a copy of the individual fees and charges leaflet, contact us. This no longer applies. Please note that if your customer is heavily reliant on these benefits the ratio of benefits to main income then please discuss this with your BDM and be aware that the final decision remains with the underwriter.
Only for use by mortgage intermediaries. A-Z of lending criteria. Age requirements Applicants must be at least 18 years old at the time of application. Debts being repaid are not included in the calculation. Pension and childcare costs are not included in the calculation childcare costs are included in lifestyle expenses.
Maximum age for lending is 70, subject to affordability, if lending is beyond the intended retirement age. Loans with less than six months to run are not included. Assumes values for expenditure for basic essentials and quality living costs.
Agricultural restriction The only acceptable agricultural tie is where the applicant must be employed in an agriculture related job and the primary source of income must not be related to the secured property. Adverse credit We consult credit reference agencies to look at credit and bank account conduct. Applicants number of The maximum number of applicants is two. Armed Forces personnel Unsecured personal loans are only acceptable for Armed Forces personnel who are eligible for a Forces Help to Buy FHTB loan which is an interest-free loan repayable over 10 years: The FHTB loan may not be used for the purchase of a second property, including a buy-to-let property.
Back to back Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months. The lending would be restricted to the lower of the original purchase price or valuation. The previous property has now been sold and the applicants are looking for a mortgage on the new property with funds to be used to repay the bridging loan. Buy to let applications are not acceptable in this situation.
We will also consider lending where our customer wishes to purchase the property from a vendor who recently inherited the property. Proof of the rate roll off has to be obtained e.
This does not include repossessed properties being purchased cheaply at auction and then sold on by a third party. British National working overseas Applicants must be resident in the UK. Purchasing new investment properties. Equity release from unencumbered investment properties. The ratio of the expected monthly rental income from the Buy to Let property to the monthly mortgage interest payment which takes into account likely future interest rate increases.
We will top-slice if there is a rental shortfall, taking into account any free personal income the applicant may have. In all cases, expected rent must continue to meet a minimum rental cover calculation of 5. This ICR criteria applies only to the new property being mortgaged.
We will instruct an independent valuer to validate the gross rental income and rental demand of these properties. Customers will not be charged for the additional valuations on their existing buy-to-let and rented properties. The property must be a residential property owned by the applicant s and not for their own use at any time. Applicants must be resident in the UK at the time of application.
Business partnerships and limited companies are not accepted, although NatWest Business Banking may be able to assist. The maximum number of rented properties an applicant can have is ten, including the property being mortgaged. We cannot accept applications for regulated buy-to-let mortgages where the occupants are immediate family members of the mortgage holder. Carer's Allowance Carer's Allowance is paid to people aged 16 or over spending at least 35 hours per week caring for someone with substantial caring needs.
Childcare costs We use the actual amount the customer has declared they pay in our affordability calculations for this commitment. 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 here figures correct as at August When should childcare costs not be included? Where customers are using free childcare e. Where the childcare costs are stopping within the next 6 months. Committed expenditure What to capture in other committed expenditure this list is not exhaustive: Long term care for elderly dependents.
Nursery and childcare costs Consent to let The bank may be prepared to allow residential mortgage customers to rent out their current or a newly purchased property as a buy-to-let property under a consent-to-let arrangement under the following circumstances this is not an exhaustive list: Customer is unable to sell their existing home before buying a new property.
Customer is currently in or moving to tied accommodation linked to their employment e. The customer may not take occupation of the property until their current employment ceases which may be many years in the future. Customer is a member of the Armed Forces currently serving elsewhere in the UK or overseas and property has previously been used as or is intended to be their main residence in the future.
Consumer buy-to-let Consumer buy-to-let is a type of regulated business introduced by the MCD to provide enhanced protections where buy-to-let customers are not acting for business purposes. We do not offer consumer buy-to-let mortgages.
Contractors For PAYE contract workers, we require one year's evidence for example, two six-month contracts or four three-month contracts and a contract in place for minimum of a further three to six months.
There is some additional information that you need to be aware of when submitting an application for a customer who meets these criteria: Operating via a limited company.
The applicant s must meet one of the following circumstances: Significant business expenses as detailed below, must be fully understood, evidenced and accounted for in the affordability calculation. Significant business expenses may be, though not limited to: Under these circumstances we would consider an application under our standard self-employed policy. Credit scoring Credit scoring is a statistical tool used to assess an applicant for credit facilities and ranks applicants by probability of default.
Information supplied as part of the application process. Internal data relating to existing account s with the group. Diplomatic immunity We cannot lend to anybody working in the UK who has or may have diplomatic immunity under the Geneva Convention or inter-government treaties. Existing customers Broker services are in place to assist existing customers in the following circumstances: Family purchase See 'discounted purchase'.
Fees and charges Product fee: Occupier's consent form fee: If the property is in England or Wales these people will need to sign a consent form and receive independent legal advice prior to completion, for which they are likely to be charged a fee.
Adding fees to the loan: Foreign currency income Where all or part of an applicant's income used to make the mortgage repayments is paid to them in a foreign currency, the MCD requires advisers to provide additional point of sale risk disclosures. Guarantors We do not currently support mortgages backed by a guarantor.
H Help to buy. Property must be in England. Need to apply for eligibility through a HomeBuy Agent in region of desired property. Identification As part of the scoring process, we will attempt to electronically verify and validate the identity of an applicant. Interest only In addition to standard mortgage criteria the following also applies for Interest only mortgages: Both new and existing customers may apply.
Age range of Available for purchase including first time buyer , re-mortgage, additional borrowing and porting. Japanese knotweed The valuer will asses each case on an individual basis taking into account factors such as marketability, mortgageabilty and insurability. The name NatWest has been associated with cricket tournaments held in England.
From until , the bank was the title sponsor of English domestic cricket's main limited overs knockout tournament, which was known as the NatWest Trophy during that period. Between and , the NatWest Series was an annual one-day international tournament involving England and two visiting international teams. Since May , it has been the shirt sponsor for the England men's and women's cricket teams.
NatWest is sponsor of the Southern Paintball League, the leading competitive paintball series in the south of England. NatWest has been the main sponsor of the Island Games known as the NatWest Island Games since and has announced that it will continue to sponsor the event until NatWest CommunityForce is "a platform that empowers local projects and charities to raise awareness of their work and make their plans a reality with the support of NatWest and their local community.
From Wikipedia, the free encyclopedia. Redirected from National Westminster Bank. Retrieved 11 February Retrieved 23 March Retrieved 23 April The Royal Bank of Scotland Group. Archived from the original on 4 December Retrieved 5 April Retrieved 7 October Burke's Peerage, Baronetage and Knightage th ed.
University of the West of England. Archived from the original on 22 February Retrieved 3 February Archived from the original on 19 February Global Finance and Urban Living: A Study of Metropolitan Change pp. Archived from the original PDF on 30 October Retrieved 26 September Retrieved 2 November Retrieved 5 August Retrieved 18 February Operating and financial review, Description of business.
Archived from the original PDF on 28 February Archived from the original PDF on 20 March Registered in England and Wales No. Report of the directors, Activities and business review.
Archived from the original PDF on 22 October Archived from the original PDF on 8 December Retrieved 27 September Retrieved 14 April BBC News, 24 May Retrieved 30 May Retrieved 25 June Retrieved 4 December Retrieved 7 May Archived from the original on 26 February Retrieved 30 October Commercial and retail banks in the United Kingdom. Banking in the United Kingdom. Barclays Bank Barclays Wealth. B Clydesdale Bank Yorkshire Bank. Members of Euro Banking Association.
Bank of Cyprus Hellenic Bank. Allied Irish Banks Bank of Ireland. Banco Bilbao Vizcaya Argentaria, S. La Caixa Catalunya Banc, S.
Royal Bank of Scotland offer a range of fixed and tracker rate mortgages. Find the mortgage you need, whether you're buying your first home, remortgaging or moving home.
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The brand will eventually become the mortgage intermediary business of Williams & Glyn, a new bank to be launched following disposal of RBS’ “Rainbow” business, sold as a condition of RBS receiving state aid. We will appoint a relationship manager to your business, a professional specialising in the intermediary sector, who can provide individual solutions that can help your business thrive. Our support doesn't end there, a dedicated client services team will take care of your daily transactions, requirements and queries.
Royal Bank of Scotland International / Isle of Man Bank September – Present (6 years 11 months) Isle of Man Financial Intermediaries portfolio managementTitle: Relationship Director at Royal . Correspondent Banks Please ensure that all payments destined for The Royal Bank of Scotland International (RBS International), the remitting bank sends a SWIFT MT directly to the appropriate jurisdiction SWIFT BIC.