Nat West

Notes: The following information is provided by a third party organisation. We have not verified this information with the lender. Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

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Advances

Upto £1,000,000 85% LTV
Upto £1,500,000 75% LTV

Notes

Mortgage is Portable, Mortgage is Flexible, 10% Overpayments allowed per year.
If you move house you can transfer this mortgage to another property subject to the product’s terms and conditions.

Where an early repayment charge (including repayment of a cashback) becomes payable because you are paying off the mortgage in full, we will refund all or part of the charge if;
(a) you complete a new mortgage on a different property with us at the same time as you pay off this mortgage, or within three months of the date when you do so, and
(b) the new mortgage is on the same terms as your present mortgage (ignoring any difference in the amount lent under the new mortgage).

We will refund the early repayment charge in full if the new mortgage is on the same terms as this mortgage and is for the same amount or more than the amount required to redeem this mortgage.
If the amount NatWest Int Sols lend you under the new mortgage with us is less than the amount needed to redeem this mortgage, NatWest Int Sols will refund that part of the early repayment charge which would have been payable on the amount replaced by the new mortgage.


Shared Equity:
Min Share:15%
Max LTV Share:50%
Max LTV Property:90%


All new First Time Buyer applications must be submitted on a capital and interest repayment basis only.


Brokers have the option to carry out their own verification and
certification of clients' proof of identity and proof of address
documentation providing this meets the standard evidence set out within the
guidance for the UK Financial Sector issued by the Joint Money Laundering
Steering Group (JMLSG).

Please refer to the application tab notes for application packaging requirements.
All loans arranged on interest only must have a suitable plan in place to repay the capital by the end of the term.

We do insist that the investment plan covers the full interest only amount and is identified on the application form. For applications in excess of £1m evidence of repayment vehicle will be required.

Guarantor mortgages are available subject to the following conditions: no Higher Lending Charge fee; no need to be a property owner; guarantee for only 30% of the loan is required and Guarantor must have adequate life insurance.

NatWest Int Sols will consider applications with Shared Equity funding providing there are no restrictive covenants e.g. on resale price or who the property can be sold on to. HomeBuy Direct, MyChoice Homebuy , First Time Buyers' Initiative and LIFT – Low-cost Initiative for First Time Buyers (Scotland) purchase schemes, will be considered (LIFT applications with a 'golden share' element will not be accepted).

NatWest Int Sols currently does not accept applications from shared ownership schemes.

As your mortgage is on a fixed rate, if you choose to make an overpayment on this mortgage you may be liable to an early repayment charge. The amount of this charge will be based on the calculation method detailed in Section 10 of this illustration and the amount of the overpayment.
You can make overpayments on this mortgage.
- You can overpay a maximum of 10% of your outstanding mortgage balance in each 12 month period commencing on completion on your mortgage and continuing from each anniversary of that date until the end date of this rate, without incurring an Early Repayment Charge. If your mortgage is made up of more than one part you can overpay up to a maximum of 10% of the outstanding balance of each part.

- An Early Repayment Charge will be incurred on any overpayment that exceeds the annual 10% limit. Please refer to Section 10 for information on Early Repayment Charges that would be incurred if any overpayment exceeds the annual 10% limit.
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.

Regular Overpayments
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. Your request must be received by us 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 payment Day.
Regular overpayment amounts will be collected with the 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.

You benefit immediately from overpaying to your mortgage:
This is because if you make an overpayment or lump sum payment then the amount you owe, and so the amount of interest you pay, is reduced immediately.

All new First Time Buyer applications must be submitted on a capital and interest repayment basis only.

Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment No
PEP No
Pension No
Interest only (no RV) No
With Profits No
Unit Linked No
ISA No
Split Repayment No

Fees

Arrangement : £refer
Booking : None

Early Repayment Charges
refer

Higher Lending
None

Valuation
Basic:
upto £100,000 - £133
upto £250,000 - £182
upto £500,000 - £286
upto £750,000 - £457
upto £1,000,000 - £565
upto £1,500,000 - £1200
upto £2,000,000 - £1495
upto £2,500,000 - £1785
upto £3,000,000 - £2085
upto £3,500,000 - £2665
upto £4,000,000 - £2975
upto £4,500,000 - £3275
upto £5,000,000 - £3525
upto £5,500,000 - £3675
upto £6,000,000 - £3825
upto £6,500,000 - £4125
upto £7,000,000 - £4425
upto £7,500,000 - £4725
upto £8,000,000 - £5025
upto £8,500,000 - £5325
upto £9,000,000 - £5625
upto £9,500,000 - £5925
upto £10,000,000 - £6225

Homebuyers:
upto £100,000 - £268
upto £250,000 - £376
upto £500,000 - £520
upto £750,000 - £700
upto £1,000,000 - £875
Special:
upto £100,000 - £520
upto £250,000 - £650
upto £500,000 - £808
upto £750,000 - £1109
upto £1,000,000 - £1384

If the application is withdrawn before offer, the arrangement fee will not be applied and, if it was paid up front, will be refunded to the customer. If the application is withdrawn after offer, the arrangement fee will be applied, and if it was paid up front, it will not be refunded to the customer.

If the application is withdrawn before offer, the arrangement fee will not be applied and, if it was paid up front, will be refunded to the customer. If the application is withdrawn after offer, the arrangement fee will be applied, and if it was paid up front, it will not be refunded to the customer.

There is an additional £75.00 valuation administration fee.
For properties valued over £1 million please refer to NatWest Int Sols
Please refer to NatWest Int Sols for any additional fees which may be charged on final redemption such as Deeds Release and administration fees.

If the application is withdrawn before offer, the arrangement fee will not be applied and, if it was paid up front, will be refunded to the customer. If the application is withdrawn after offer, the arrangement fee will be applied, and if it was paid up front, it will not be refunded to the customer.

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow. Added fees will not be included in this calculation.
Lender Conveyancing Fee - £117.50 Payable on completion. The Lender Conveyancing Fee is the cost of legal work carried out for us as the lender and not the overall solicitor's fees for the whole transaction. The figure shown here is an estimate based on the average fee charged. Please check the actual charges with your chosen solicitor as they may vary depending on the property.
Remittance Fee - £30.00 Payable on completion. This is an administration fee when the loan proceeds are issued to the solicitor and is deducted from the amount sent.
Valuation Admin Fee - £75.00 Payable upfront.
Arrangement Fee - £0.00 Payable upfront. This fee is paid at the time the mortgage is arranged. If the application is withdrawn before offer, the arrangement fee will not be applied and, if it was paid up front, will be refunded to the customer. If the application is withdrawn after offer, the arrangement fee will be applied, and if it was paid up front, it will not be refunded to the customer.

Acceptable Property Types

 
Freehold Flat Yes
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Refer
Studio Flat Yes
Flying Freehold Yes
Thatched Refer
Timber Framed Yes
Concrete Refer
Agricultural Tie Refer
Flat Over 4 Storeys Refer
Listed Building Refer

Max Discount% 100
Max Market Value%
New Build acceptable.
For all New Build properties, the total amount of builders' incentives offered against a property will now be deducted from the advertised purchase price to give us a 'Net purchase price'.
Maximum LTV for new build houses 80%LTV (dependant on Product max LTV)
Maximum LTV for new build flats 75%LTV
Freehold flats and flying freehold are restricted to 90% LTV.
NatWest Int Sols will lend on flats of up to 5 storeys. Please refer for anything over this.
Vendor deposits not accepted.
For new build property purchases, the lender will require a valuation to be undertaken by one of our panel valuers.  If the property has not been completed, the valuation may be completed on the plans, the plot or the partially built property;  in such cases the lender will require the solicitors instructions to include a completion / habitation certificate to be in place when requesting the funds.

Accepted Locations : England, Scotland, Wales

Requirements

Bank Statements 3 months
At Least 3 Months Pay Slips No
P60 No
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References No

Insurance
Buildings Conditional

Conditions On Loan
Min Loan £25,000
Max Loan £1,500,000
Max Portfolio of BTL Loans £2,500,000
Min Age 18 years
Max Age 70 years
Min Term 3 years
Max Term 52 years
Life cover is strongly recommended for all loans.

SELF EMPLOYED FOR LESS THEN 2 YEARS REFER TO NatWest Int Sols
There is 3 months free Loan Guard on all products.
Foreign Nationals - Up to 80% LTV subject to right to reside in the UK.
NatWest Int Sols would expect the mortgages to be repaid by the time the applicant(s) retires. In exceptional circumstances we may consent to lend beyond retirement age.
Detailed below are the application documentation requirements:
Documentation requirements for ID checks:

Identification: An original or certified copy of a personal bank statement showing the applicant's salary together with corresponding payslip (both these items must be less than 3 months old) OR A certified copy of current valid passport OR A certified copy of a current full driving license.

Address: An original or certified copy of a bank statement confirming the customer's name and current address (less than 3 months old) OR an original or certified copy of a utility bill (not mobile phone) or a credit cars statement confirming the customer's name and current address (less than 3 months old) OR An original or certified copy of an annual mortgage statement (less than 12 months old) OR council tax bill (for current or up-coming financial year) confirming the customer's name and current address OR A certified copy of a current full driving license.

PLEASE NOTE: WE CANNOT ACCEPT STATEMENTS FROM THE SAME BANK FOR IDENTIFICATION AND ADDRESS CHECKS Documentation required for credit assessment:
Employed <=85% LTV & <= £500K; income verification via; The latest personal bank statements showing salary OR Latest payslip OR latest P60.
Employed >85% LTV or > £500K; income verification via; The latest 3 months personal bank statements for main account PLUS if salary not mandated to account; Latest payslip OR latest P60.

Proof of income documents required for self employed applicants
where LTV is less than 85% and Loan Amount is less than £500k: Last three months consecutive personal bank statements for the account into which income is paid*, OR One year's accounts, OR One year's Inland Revenue Tax Assessments, OR An Accountant's Certificate - this can be supplied by the customers provided it is on the accountant's letterhead, or can be requested by the lender
* Not required if main personal account is held with NatWest or RBS
Self-employed >85% LTV or >£500K; income verification via; The latest 3 months personal bank statements for main account PLUS the latest 3 months business bank statements AND Latest 2 years audited accounts OR latest 2 years tax returns and Inland Revenue Acceptance forms (sole traders only) .
Where we ask for bank statements these must be the originals or certified copies of originals - we do not accept ATM printouts. Intermediary Partners will accept client's internet bank statements as proof of income

Building Insurance to cover full cost of rebuilding your property.
Foreign Citizens Refer


Income Multipliers
Based on Income > 0
4.9 + 0 or 4.9 joint < 95% LTV

Min months in current position 1
Min months in continuous service 6
Min no. of years accounts 2
Average years taken to calculate income 2
Will consider declining profit No

Outgoings
The lender will assess all applications on an affordability basis . To see how much your client may be able to borrow, please view the mortgage affordability calculator at
Maintenance Payments to be taken into consideration.

Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft Refer to lender
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education NOT Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 100% to income before multiply
Other Income - Irregular No
Investment Income No
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension No
Car Allowance Add 100% to income before multiply

Remortgage Max LTV Max% increase

Remortgage Not Available

Adverse Credit
CCJs : Refer to lender
Defaults : Refer to lender
Arrears : Refer to lender
Bankrupt : Not Acceptable
Current IVA : Not Acceptable
Repossession : Not Acceptable

- Adverse credit : do not submit applicants who have three or more bad events, e.g. CCJs.
- For details what Lender will consider in case of financial difficulty PLEASE REFER TO LENDER
- The general principles of the Council of Mortgage Lenders' Statement of Practice on Handling Arrears and Possessions, including :
a) with your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both your interests and those of the Lender.
b) possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful.