Brokers have expressed concern at the news that existing customers under the old Royal Bank of Scotland Intermediary Partners brands will have to contact RBS directly if they want to port their current rates.
The rebrand of RBSIP to NatWest Intermediary Solutions last month effectively shelved the subsidiary broker brands RBS, First Active and The One Account.
But the rebranding exercise has had a knock-on effect. From February 12 existing customers of RBS, First Active and The One Account who are still within their deal period and want to port their mortgages will have to approach RBS directly.
Brokers wanting to submit pipe-line house move applications for the affected brands will have to do so by February 12.
Borrowers who have already reverted to the SVR or are willing to pay early repayment charges can still arrange to port their mortgage through brokers, while NatWest borrowers remain unaffected by the changes.
In addition, the repeat proc fee paid to brokers on First Active re-mortgage cases without additional borrowing will end on March 31.
A spokesman for NatWest Inter-mediary Solutions says: “Under the NatWest Intermediary Solutions proposition all products will adopt the NatWest brand.
“As part of our new approach we have streamlined our processes so it should be simple for brokers to be able to port clients’ NatWest mortgages in the event of them moving house.”
George Williamson, a former RBS employee and director at Glasgow-based Mortgage Advice Brokerage, says: “I get the impression RBS is preoccupied with looking after the interests of the group rather than its customers. This is such bad customer service.”
And Danny Lovey, proprietor of The Mortgage Practitioner, says the move raises questions about what kind of products clients will be offered.
He says: “Are the products going to be competitive or is this going to be a case of RBS forcing customers to pay ERCs?”