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 this week it will also be increasing the maximum loan value for purchases to £10m and for remortgages to £2m.
The bank said 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 and 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: “Having been able to trial this service for a few months, we have been delighted with the feedback we have received from brokers. 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.
Simon Gammon, managing partner of Knight Frank Finance, welcomed this enhanced service proposition from Natwest.
He said: “Increased regulation from the Mortgage Market Review in 2014 and the recent EU Mortgage Credit Directive has significantly increased the complexities of getting a mortgage approval, so any improvements the big lenders can make to streamline their processes are very welcome.”