NatWest Intermediate Solutions has expanded its green mortgage eligibility criteria to include eight new build developers.
Main Street Bank’s range of green mortgages currently offer new and existing customers a preferential interest rate if they have an energy performance certificate rating of A or B.
However, from today (August 8), the lender says intermediary customers of eight homebuilders and their affiliates can access a prime rate from its range of green mortgages without an energy performance certificate.
The builders are:
· Keepmoat Houses
The lender says brokers do not need to provide any additional documentation to prove that the properties were built by these developers.
He adds: “LGSS will complete the new build developer section of the assessment report and when we receive it we can see if they are approved or not.”
If an energy performance certificate can be picked up at the new construction site and is found to be below B at the time of application (the assessment stage), the customer will not be eligible for the green mortgage product, the bank explains .
But adds that it will allow customers to choose a product they would have been eligible for when they submitted their application.
NatWest is also making changes to its income processing and packaging for customers who use supplemental income for their mortgage applications.
It says that starting today, the most recent three-month payslips are required for all employed customers.
And from August 15, when your clients use savings/investments to finance a property purchase, proof of funds is required. Where the deposit is a donation of funds, clients must provide a donation deposit letter.
The lender adds that foreign national customers are required to pay their deposit from their own funds, “this means that they cannot use an over-gifted deposit, and the customer’s visa must have at least six months remaining”.
He adds that “the underwriting of the mortgage application can only begin once we have all the required documents”.