Natwest Intermediary Solutions has introduced a ‘concierge service’ for all mortgage applications of more than £500,000 following a successful trial with brokers over the past few months.
From Tuesday (2 August) it will also be increasing the maximum loan value for purchases to £10m and for remortgages to £2m.
The bank suggested the new service would improve overall customer experience and application-to-offer timescales.
All mortgage cases submitted by brokers for more than £500,000 will now be assigned a dedicated concierge manager, who will oversee the progress of each case from submission of the initial application to the point when the first direct debit payment is taken, providing regular updates to advisers.
Initial contact commences with a welcome phone call to cover any additional information required and for brokers to be provided with an outline of the next steps.
They will also receive an email from the concierge manager informing them of the mortgage reference number and their contact details, so that the broker can contact them directly with any questions about the case.
The concierge manager will then make sure that each application is packaged correctly, that underwriting is completed and will instruct the valuation; facilitating the resolution of any issues that arise during the process.
Graham Felstead, head of Natwest Intermediary Solutions, said because larger loans are often more intricate and complex issues to address, his team felt it would be better to have a single point of contact for the broker.
“Having been able to trial this service for a few months, we have been delighted with the feedback we have received from brokers,” he stated. “It has enabled us to refine the service and make a few improvements to address the issues raised.”
Other players in the mortgage market have made similar moves in recent months to woo more high net-worth borrowers.
At the end of March, Investec Private Banking consolidated its Professional and £Million Plus+ mortgages into the new Investec Private Banking Mortgage.
Then in May, Kent Reliance launched a number of buy-to-let products for high net-worth borrowers - specifically designed for landlords seeking to borrow £1m or more - as part of a wider revamp of its product range offerings, responding to requests from its broker partners.
The following month, Openwork announced a dedicated mortgage service for high net-worth clients via Capricorn Financial, one of its largest and fastest growing mortgage practices.