Natwest

muhandis

Hi Steven,

This is the link http://www.intermediary.natwest.com/intermediary-solutions/products.html

I’ve never done a product transfer through a broker myself but hopefully one of the brokers on the thread will enlighten us on what it involves.

kingstreet

It was noted on a broker forum this week that NatWest's intermediary retention products are better than the direct options.

NatWest is assuming an existing customer going to a broker is more likely to be comparing retention products with remortgage options with other lenders; where those looking at the direct products on the NatWest website may be more likely to fall prey to inertia without looking at alternatives.

FWIW only Nationwide gives a commitment to giving existing borrowers a product at least as good as those offered to new borrowers.

ACG

kingstreet wrote: »

It was noted on a broker forum this week that NatWest's intermediary retention products are better than the direct options.

NatWest is assuming an existing customer going to a broker is more likely to be comparing retention products with remortgage options with other lenders; where those looking at the direct products on the NatWest website may be more likely to fall prey to inertia without looking at alternatives.

FWIW only Nationwide gives a commitment to giving existing borrowers a product at least as good as those offered to new borrowers.

Love it when I learn something new. That did not come up in the natwest event I went to last week.

muhandis

ACG,kingstreet - Out of interest, how does this work say if OP wanted to get the better rate through a broker while staying with Natwest?

Do you still have to do a full affordability check? And are you obliged to compare the Natwest deal with the rest of the market?

StevenGude

I spoke to L&C yesterday who indicated it was just a case of switching products and would be much simpler than switching providers, but be very interested to hear responses from ACH and Kingstreet as it wasnt overly clear.

muhandis

That sounds promising. If it's straightforward, in your place I would try to earn some cashback by going through Quidco/TCB and using Habito/Trussle.

Make the poor sods who are shovelling money into these startups pay you!

StevenGude wrote: »

I spoke to L&C yesterday who indicated it was just a case of switching products and would be much simpler than switching providers, but be very interested to hear responses from ACH and Kingstreet as it wasnt overly clear.

[Deleted User]

Existing rates get compared alongside all the mortgage options and best advice is given. If best advice is to stay with existing lender then that's the advice given.

Advice can be based on cost but also a clients preference on speed, or an easy life. So not always the 'top' deal.

As far as documentation, I would still need 3 months bank statements and 3 months payslips to satisfy requirements and to make sure it isn't advisable to reduce the term etc.

If ient doesn't meet affordability for natwest then it doesn't matter as they are already with them. I would just document the lack of pressure on bank statements to show affordability.

Its still an advised process so there has to be checks, but if the income or credit checks fail it won't stop arranging a product transfer with existing lender.

Everyone has different internal requirements from their network or if DA but it shouldn't be anything too strenuous

kingstreet

ACG wrote: »

Love it when I learn something new. That did not come up in the natwest event I went to last week.

Someone mentioned it on Cherry.

Steve Ballesteros (12/07/19) in the "NatWest writing to clients thread" in the Lenders forum.

kingstreet

muhandis wrote: »

ACG,kingstreet - Out of interest, how does this work say if OP wanted to get the better rate through a broker while staying with Natwest?

Do you still have to do a full affordability check? And are you obliged to compare the Natwest deal with the rest of the market?

It's pretty much like JMA said.

We have the usual work to do on comparisons and advice justification as we are accepting liability for the recommendation but we can do the retention product with many lenders now and receive a full or part procuration fee.

muhandis

Many thanks JMA and Kingstreet, that is good to know.

Deleted_User wrote: »

Existing rates get compared alongside all the mortgage options and best advice is given. If best advice is to stay with existing lender then that's the advice given.

Advice can be based on cost but also a clients preference on speed, or an easy life. So not always the 'top' deal.

As far as documentation, I would still need 3 months bank statements and 3 months payslips to satisfy requirements and to make sure it isn't advisable to reduce the term etc.

If ient doesn't meet affordability for natwest then it doesn't matter as they are already with them. I would just document the lack of pressure on bank statements to show affordability.

Its still an advised process so there has to be checks, but if the income or credit checks fail it won't stop arranging a product transfer with existing lender.

Everyone has different internal requirements from their network or if DA but it shouldn't be anything too strenuous

kingstreet wrote: »

It's pretty much like JMA said.

We have the usual work to do on comparisons and advice justification as we are accepting liability for the recommendation but we can do the retention product with many lenders now and receive a full or part procuration fee.