NatWest Intermediary Solutions has unveiled a new ‘concierge service’ for brokers for all mortgage applications over £500,000.
The move follows a ‘soft launch’ where it has trialled the service with a number of 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.
All mortgage cases submitted by brokers for over £500,000 will now be assigned a dedicated concierge manager. They will oversee the progress of each case through the application process from submission of the initial application to the point when the first direct debit payment is taken, providing regular updates to brokers.
The initial contact starts 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 they might have on the case. The concierge manager will then make sure that each application is packaged correctly, that underwriting is completed and will instruct the valuation. They will facilitate the resolution of any issues that arise during the process and keep the broker updated throughout.
Graham Felstead, head of NatWest Intermediary Solutions, said: “We are constantly looking for ways to improve the broker and customer experience that we deliver and believe that this new concierge service will be welcomed. With larger loans, because there are often more intricate and complex issues to address, we felt it would be better to have a single point of contact for the broker who would oversee the mortgage application’s progress from start to finish.
“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. I am sure that our broker partners will find that it will make their lives easier when dealing with larger loan applications.
“We believe this service, coupled with our residential interest only offer, £10m maximum loan size, specialist underwriting team and no additional large loan fees, makes NatWest an attractive proposition to intermediaries and their customers.”