NatWest announces 'fringe' mortgages are to be withdrawn from its range.
To become compliant under new MMR rules which come into force from April 15, NatWest has announced plans to remove itself from 'fringe' sectors of the mortgage market.
Included in its product withdrawal will be both guarantor mortgages and mortgages for more than 2 applicants.
In addition the lender has also advised that it will be withdrawing regulated buy to let deals where the tenants are the mortgage holders immediate family.
However not all NatWest's changes are a tightening of policy. The lender has also taken the decision to ease its lending policy for retired borrowers.
It will now assess income from an applicants intended retirement age and not from just aged 65, the maximum lending age will remain at 70.
With changes to come into force under Mortgage Market Review in April, it is anticipated that for some getting accepted for a deal may become more of a challenge.
However there is still a month to go before new rules come into play, so if you have found a home and plan to apply for a mortgage do so sooner rather than later.
A call to Deal Direct can get you accepted for a mortgage and into a new home, so speak to a mortgage adviser who can search the entire market for a low rate offer.
Contact Deal Direct on 0800 048 8828,
or make an online search by clicking below.
