NatWest Intermediary Solutions is looking to speed up its mortgage process by instructing the valuer as soon as it receives the application.
From 7 March, the lender will instruct on day one for residential and buy-to-let cases up to £500,000.
Any applications submitted before 7 March will have the valuations instructed in line with its current process.
NatWest IS service development manager Sarah Taylor says: “The introduction of the earlier valuation instruction will make a real difference to the time it takes to send a customer an offer. This is, of course, dependent on brokers sending in the correct supporting documentation to enable our underwriters to fully assess the application. 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.
“We have made great strides recently to improve the application experience for brokers and their customers, including the launch our online mortgage application tracker tool and the acceptance of emailed supporting documentation. We have received really positive feedback from brokers for both these services and from the pilot scheme we have been running for the early valuation instruction.”