Mortgages  

NatWest cuts wait times on mortgage offers by 3 days

NatWest cuts wait times on mortgage offers by 3 days

NatWest Intermediary Solutions will now instruct all valuations for residential and buy-to-let purchase and remortgage applications, up to £500,000, from when an application is submitted.

Since 7 March, Natwest has instructed valuations once it receives an application in a bid to enable underwriting and valuation processes to run concurrently, therefore reducing the time a customer has to wait for an offer.

The offer will be issued once both processes have been completed successfully.

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Sarah Taylor, service development manager at NatWest Intermediary Solutions, said it is anticipated that this change will result in most offers being made three working days sooner than they were previously issued.

Any applications submitted ahead of 7 March had the valuation instructed in line with the current process.

Once the application has been submitted, the valuation will be instructed and the fee for the valuation on purchase mortgages will be debited from the customer’s payment card within 24 hours.

Brokers will be able to monitor the progress of each customer’s application using the recently launched online Mortgage Application Tracker tool that sits on the NatWest Intermediary Solutions website.

Adviser view

Dale Jannels, managing director of All Types of Mortgages Ltd, said: “This is a good move and, in the current climate, where many agents are playing off customers against each other to see who can get their mortgage offer out first, this will help the end customer to achieve their property ownership dreams.”

emma.hughes@ft.com