The Royal Bank of Scotland & NatWest has signed up to the voluntary UK Finance Agreement to help as many customers as possible to be in a better financial position by adhering to a standard minimum balance policy.
From the 9th November 2018, the minimum balance an existing Royal Bank Or NatWest customer must have in order to select a new deal with ourselves will be reduced from £25,000 to £10,000, meaning that all residential customers with an “able-to-switch” balance larger than £10,000 will be eligible to switch to a new mortgage product. As a result, all existing customers and all future roll-off customers who meet these criteria will be eligible to choose a new deal.
Included within this change, if any existing customers wish to port their existing Royal Bank or NatWest mortgage and purchase a new property and at the same time take additional funds on top of the balance they are porting, we will now allow any top up of over £10k (on top of the existing balance/product being ported) to be taken on a new purchase rate. Please note this is only when customers are porting and taking a top up at the same time.