Evidence suggests there will be increased volatility in the year to come. But, ultimately, investing is about gauging the magnitude of market fears and optimism to find situations where the reality is different to the embedded market assumptions.
Since retirement savers have been given more freedom with their pension pot due to government reforms. This has had a massive impact on the choices available. These choices can seem a little overwhelming. The good news is that despite the confusion there is a real opportunity to take control of what a retirement could look like. One shape doesn't fit all and the freedoms have given retirees a lot more flexibility. Age requirements Applicants must be at least 18 years old at the time of application.
Debts being repaid are not included in the calculation. Pension and childcare costs are not included in the calculation childcare costs are included in lifestyle expenses. Maximum age for lending is 70, subject to affordability, if lending is beyond the intended retirement age.
Loans with less than six months to run are not included. Assumes values for expenditure for basic essentials and quality living costs. Agricultural restriction The only acceptable agricultural tie is where the applicant must be employed in an agriculture related job and the primary source of income must not be related to the secured property.
Adverse credit We consult credit reference agencies to look at credit and bank account conduct. Applicants number of The maximum number of applicants is two. Armed Forces personnel Unsecured personal loans are only acceptable for Armed Forces personnel who are eligible for a Forces Help to Buy FHTB loan which is an interest-free loan repayable over 10 years: The FHTB loan may not be used for the purchase of a second property, including a buy-to-let property.
Back to back Back to back is typically where the vendor has owned the property for less than six months, or remortgages where they've owned the property for less than six months.
The lending would be restricted to the lower of the original purchase price or valuation. The previous property has now been sold and the applicants are looking for a mortgage on the new property with funds to be used to repay the bridging loan. Buy to let applications are not acceptable in this situation.
We will also consider lending where our customer wishes to purchase the property from a vendor who recently inherited the property. Proof of the rate roll off has to be obtained e. This does not include repossessed properties being purchased cheaply at auction and then sold on by a third party. British National working overseas Applicants must be resident in the UK.
Purchasing new investment properties. Equity release from unencumbered investment properties. The ratio of the expected monthly rental income from the Buy to Let property to the monthly mortgage interest payment which takes into account likely future interest rate increases.
We will top-slice if there is a rental shortfall, taking into account any free personal income the applicant may have. In all cases, expected rent must continue to meet a minimum rental cover calculation of 5. This ICR criteria applies only to the new property being mortgaged. We will instruct an independent valuer to validate the gross rental income and rental demand of these properties. Customers will not be charged for the additional valuations on their existing buy-to-let and rented properties.
The property must be a residential property owned by the applicant s and not for their own use at any time. Applicants must be resident in the UK at the time of application. Business partnerships and limited companies are not accepted, although NatWest Business Banking may be able to assist. The maximum number of rented properties an applicant can have is ten, including the property being mortgaged. We cannot accept applications for regulated buy-to-let mortgages where the occupants are immediate family members of the mortgage holder.
Carer's Allowance Carer's Allowance is paid to people aged 16 or over spending at least 35 hours per week caring for someone with substantial caring needs. Childcare costs We use the actual amount the customer has declared they pay in our affordability calculations for this commitment.
The highest figure should be used over the 5 year period. In some circumstances childcare costs may be unknown, for example if the customer is currently pregnant, on maternity leave or if childcare arrangements are yet to be made. Customers can suggest likely future costs or you can refer to the national average figures here figures correct as at August When should childcare costs not be included?
Where customers are using free childcare e. Where the childcare costs are stopping within the next 6 months. Committed expenditure What to capture in other committed expenditure this list is not exhaustive: Long term care for elderly dependents. Nursery and childcare costs Consent to let The bank may be prepared to allow residential mortgage customers to rent out their current or a newly purchased property as a buy-to-let property under a consent-to-let arrangement under the following circumstances this is not an exhaustive list: Customer is unable to sell their existing home before buying a new property.
Customer is currently in or moving to tied accommodation linked to their employment e. The customer may not take occupation of the property until their current employment ceases which may be many years in the future.
Customer is a member of the Armed Forces currently serving elsewhere in the UK or overseas and property has previously been used as or is intended to be their main residence in the future.
Consumer buy-to-let Consumer buy-to-let is a type of regulated business introduced by the MCD to provide enhanced protections where buy-to-let customers are not acting for business purposes. We do not offer consumer buy-to-let mortgages. Contractors For PAYE contract workers, we require one year's evidence for example, two six-month contracts or four three-month contracts and a contract in place for minimum of a further three to six months. There is some additional information that you need to be aware of when submitting an application for a customer who meets these criteria: Operating via a limited company.
The applicant s must meet one of the following circumstances: Significant business expenses as detailed below, must be fully understood, evidenced and accounted for in the affordability calculation. Significant business expenses may be, though not limited to: Under these circumstances we would consider an application under our standard self-employed policy. Credit scoring Credit scoring is a statistical tool used to assess an applicant for credit facilities and ranks applicants by probability of default.
Information supplied as part of the application process. Internal data relating to existing account s with the group. Diplomatic immunity We cannot lend to anybody working in the UK who has or may have diplomatic immunity under the Geneva Convention or inter-government treaties. Existing customers Broker services are in place to assist existing customers in the following circumstances: Family purchase See 'discounted purchase'. Fees and charges Product fee: Occupier's consent form fee: If the property is in England or Wales these people will need to sign a consent form and receive independent legal advice prior to completion, for which they are likely to be charged a fee.
Adding fees to the loan: Foreign currency income Where all or part of an applicant's income used to make the mortgage repayments is paid to them in a foreign currency, the MCD requires advisers to provide additional point of sale risk disclosures.
Guarantors We do not currently support mortgages backed by a guarantor. H Help to buy. Property must be in England. Need to apply for eligibility through a HomeBuy Agent in region of desired property. Identification As part of the scoring process, we will attempt to electronically verify and validate the identity of an applicant. Interest only In addition to standard mortgage criteria the following also applies for Interest only mortgages: Both new and existing customers may apply.
Age range of Available for purchase including first time buyer , re-mortgage, additional borrowing and porting. Japanese knotweed The valuer will asses each case on an individual basis taking into account factors such as marketability, mortgageabilty and insurability. Leasehold We require a minimum of 30 years to be remaining on the lease at the end of the mortgage term.
Applicants need a letter from a local ARLA-registered letting agent or estate agent to show the expected rental income. If there is a shortfall in rent then this must be disclosed as a monthly commitment on the affordability calculator. If either of the mortgages is with another lender, the LTV of the mortgage with NatWest cannot be higher than the one with the other lender.
Lending into retirement Where an applicant is looking to take their residential mortgage past their intended retirement age and their income will be relied upon to service the mortgage, we will require details of their income into retirement. If the applicant is less than 10 years away from their intended retirement age at the point of application you must provide documentary evidence of the applicant's post retirement income in the form of one of the following this list is not exhaustive: Annual pension statement from the employer or pension provider s showing the age or date when the pension becomes payable and the amount.
Tax return, accounts or bank statements showing receipt of income from investments or net rental income after costs including mortgage payments. All of the above requirements apply equally to employed and self-employed applicants. Letting to a family member regulated buy-to-let We do not currently support regulated buy-to-let.
Limited company directors For limited company directors applying for a mortgage, we take an average of their last two years' salary and dividends. Unacceptable commercial activity includes but is not limited to: Maternity leave We require evidence of an applicant's income via their most recent three months' bank statements and their last three months' payslips, prior to their maternity leave.
The key issues that lenders and brokers had to incorporate into their businesses were: A new classification of consumer buy-to-let mortgages. A new 7-day reflection period. Greater transparency over declined applications. Regulation of second charge lending. Offer of loan validity Standard mortgage offers are valid for six months.
For customers of the below brands who wish to port, the customer must contact the number below directly: Royal Bank of Scotland: Procuration fees Residential mortgages: Product Transfer We offer a facility to enable you to assist existing NatWest mortgage customers to switch to a new NatWest mortgage rate when their current deal comes to an end. This Product Transfer service is not available to customers wanting to exit an existing deal ahead of the roll-off period, those customers wishing to simultaneously take additional borrowing, change the mortgage term or repayment type or those whose mortgage is in arrears.
Steel framed houses exceptions apply, please check. Flats over or immediately alongside business premises. Properties containing high alumina cement. Leasehold properties - there must be at least 30 years left on the lease at the end of the term we may consider less for properties in central London. Flats on any level in multi-storey type properties are usually acceptable, subject to exceptions e. Property types - unacceptable Properties with a floor area of less than 30m2.
Properties listed under the Housing Defects Act valuers will advise us if the property falls within the Act. System built concrete construction.
Easi-form construction except by Laing from onwards. According to Forbes Global , it was then the 13th largest company in the world. Chairman Sir Tom McKillop also confirmed he would stand down from that role when his contract expired in Goodwin was replaced by Stephen Hester , previously chief executive of British Land.
This figure was reduced to by May It revealed it would instead seek to sell the division to another bank. On 20 March the British paper The Guardian reported that hundreds of banks had helped launder KGB -related funds out of Russia, as uncovered by an investigation named Global Laundromat. Structurally, National Westminster Bank was a wholly owned subsidiary of The Royal Bank of Scotland Group until , when ownership of the bank's entire issued ordinary share capital was transferred to The Royal Bank of Scotland as holding company, with RBS Group functioning as ultimate holding company.
At the same time the entire issued share capital of Lombard North Central Plc was transferred by the bank to the holding company,  transferring back to NatWest in Ownership of National Westminster Home Loans Limited was passed to the holding company in ;  however, the mortgage portfolio and related funding were also transferred back to NatWest in NatWest provide a full range of banking and insurance services to personal, business and commercial customers, including the first dedicated bank account in Britain to be delivered and supported entirely in the Polish language.
The bank operates "mobile branches" using converted vans to serve rural areas around St Austell, Swansea, Carlisle, Devon and North Wales. These card readers do not retain personal information but verify numbers during a transaction. The bank participates fully in the Faster Payments Service , an initiative to speed up certain payments, launched in National Westminster Bank use the following series of six digit sorting codes formatted into three pairs separated by hyphens:.
International Bank Account Numbers take the form GBxx NWBK ssss ssaa aaaa aa , where x refers to a check digit , s to the branch sort code and a to the individual account number. Following discussions between the Office of Fair Trading , the Financial Ombudsman Service , the Financial Services Authority and the major banks, proceedings were issued on 27 July in a test case against the banks to determine the legality and enforceability of certain charges relating to unauthorised overdrafts.
It is argued that these are contrary to the Unfair Terms in Consumer Contracts Regulations ; Schedule 2 e of which gives a non-exhaustive list of terms which may be regarded as unfair, such as a term requiring a consumer who fails in his obligation to pay a disproportionately high sum in compensation.
The precedent for this was Dunlop Pneumatic Tyre Co. In late June , the group suffered a major computer malfunction,  resulting in some customers' account balances not updating correctly. Some customers also reported problems with direct debits and standing orders being returned unpaid due to their account balances not updating correctly. However, RBS stated in an announcement that they would work directly with the receiving banks and companies to ensure that all payments were processed.
As a result of the system outage, RBS also announced that they would work with credit rating agencies directly to ensure no customer's credit file was permanently impacted. They also announced that no customer would be permanently out of pocket because of the system outage, and launched a dedicated new freephone helpline for the incident, as well as an online help point to guide and advise customers with any queries they had during the outage. In December , a similar computer failure led to a number of customers being unable to use NatWest card services to pay for goods.
This second major outage of services fell on what is known as Cyber Monday , when major retailers discount goods to boost Christmas shopping. The chief executive of RBS Group conceded that the bank would have "to do better". The name NatWest has been associated with cricket tournaments held in England.
From until , the bank was the title sponsor of English domestic cricket's main limited overs knockout tournament, which was known as the NatWest Trophy during that period. Between and , the NatWest Series was an annual one-day international tournament involving England and two visiting international teams.
Since May , it has been the shirt sponsor for the England men's and women's cricket teams. NatWest is sponsor of the Southern Paintball League, the leading competitive paintball series in the south of England. NatWest has been the main sponsor of the Island Games known as the NatWest Island Games since and has announced that it will continue to sponsor the event until NatWest CommunityForce is "a platform that empowers local projects and charities to raise awareness of their work and make their plans a reality with the support of NatWest and their local community.
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Royal Bank of Scotland offer a range of fixed and tracker rate mortgages. Find the mortgage you need, whether you're buying your first home, remortgaging or moving home.
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The brand will eventually become the mortgage intermediary business of Williams & Glyn, a new bank to be launched following disposal of RBS’ “Rainbow” business, sold as a condition of RBS receiving state aid. We will appoint a relationship manager to your business, a professional specialising in the intermediary sector, who can provide individual solutions that can help your business thrive. Our support doesn't end there, a dedicated client services team will take care of your daily transactions, requirements and queries.
Royal Bank of Scotland International / Isle of Man Bank September – Present (6 years 11 months) Isle of Man Financial Intermediaries portfolio managementTitle: Relationship Director at Royal . Correspondent Banks Please ensure that all payments destined for The Royal Bank of Scotland International (RBS International), the remitting bank sends a SWIFT MT directly to the appropriate jurisdiction SWIFT BIC.