NatWest Intermediary Solutions is to begin offering instructing valuations on day one in a bid to improve its mortgage speed-to-offer.
From Monday, it will begin instructing all valuations for residential and buy-to-let purchase and remortgage applications on the day the application is submitted.
This will apply on loans up to £500,000 and will enable underwriting and valuations to run concurrently, thus reducing the time a customer has to wait for an offer.
The offer will be issued once both processes have been completed successfully with most offers made three working days quicker.
NatWest has been running broker pilot schemes over the past three months to refine the process and is now rolling it out to all mortgage intermediaries.
Brokers will continue to receive an email with their customer’s mortgage reference number once they have submitted the application.
The valuation will be instructed and the fee charged on purchase mortgages 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 new online Mortgage Application Tracker tool on the NatWest Intermediary Solutions website.
Service development manager Sarah Taylor said broker feedback has been positive. “We will provide customers with a full refund if their applications are declined on the grounds of affordability or credit scoring or where we cannot lend the full amount requested due to affordability issues.”