20th
May
NatWest, RBS & UBNI Brands – Changes to CHAPs fees
For and on behalf of NatWest, RBS & UBNI brands.
The way we charge a CHAPs fee is changing
Mortgage applications submitted from 20th May 2024:
NatWest Group is changing the way a CHAPs fee is collected from our customers (NW, RBS & UBNI brands). New mortgage applications submitted following the change date that attract this fee will follow an improved process, seeing the fee collected with the customer’s first mortgage payment.
All relevant customer documentation will reflect this change, including the Mortgage Offer. The first mortgage payment will automatically be increased by £30, and this will be explained to our Customers within section 4. Interest rate and other costs of their Mortgage Illustration. The new explanation of the CHAPs fee will confirm ‘This fee will be taken with your first month’s direct debit payment’.
Pipeline cases:
Any mortgage applications submitted prior to the change date and progressing to offer/completion, will still see the CHAPs fee deducted from the advanced funds. No changes or updates are required for these applications and Customer documentation will continue to reflect ‘the fee is payable at completion/release of mortgage funds’ wording.
What our partners need to do:
Review the Offer of Loan upon receipt and at completion preparation stage to ensure the correct process is followed to collect the Chaps fee to avoid duplication of payment from our Customers.
Posted:20/05/24