FAQs

• Identification documents: Civil ID and passport
• Proof of income: Salary certificate, audited financial statements, rental income, and account statements.
• Any documents you have relating to the property.
• Proof of address

No, you can submit your interest in or request for the product from any NBK Group location.

No. You can submit your request while you are in London, and our team will follow up with you. Any documents that need to be signed will be sent to your closest NBK branch for your signature.

Yes, subject to independent legal advice that needs to be obtained to ensure that all parties are aware of their legal commitments.

You must inform the Bank of any changes in your status, including the use of the property. There may be modifications needed in the legal agreement to accommodate the change in the purpose of the property.

Upon meeting the lending criteria and agreeing on the new loan terms, you can transfer your mortgage to NBKI.

You do not need to be an NBKI customer in order to submit your application. However, at the point of loan completion and drawdown, you must hold an account with NBKI.

Processing time can vary depending on the complexity of the request and availability of all required documents. Please refer to our Expected Costs page for more information on average timelines.

The loan approval is valid for three months and can be automatically renewed for another three months. After a total of six months, you will need to submit new financial documents in order to receive a new approval.

It is recommended that you inform your account manager to help establish a solution that both parties can agree on. NBKI supports clients with various types of vulnerabilities, including financial vulnerability. Please refer to our Facing Financial Difficulties page for more information.

There's no need to transfer your salary to the account, but you need to ensure there are sufficient funds in the account to service the loan.

From NBKI's side, there are no financial obligations to settle, but you may still be required to pay related solicitor and surveyor fees.

No. NBKI only partially finances properties for you and your family to use either while on holiday or for renting out to a third party.

Yes, please visit our Agreement in Principle page for further information. However, the final approval will be subject to the completion of a formal facility agreement and other documentation that is satisfactory to the bank.

Yes, the latest you can start repaying is within 90 days from the loan disbursement (drawdown) date. If you are salaried, the standing order date should be aligned with the expected date of your salary payment.

You can include up to four individuals as the named owners. However, it is possible to include additional family members or individuals through the use of a legal document known as a "Declaration of Trust" or "Trust Deed".

The process takes from 4 to 6 weeks provided the property is ready for inspection. Please refer to our Expected Costs page for more information on average timelines.

Prepayments are allowed after the first anniversary of the loan, provided you give NBKI 30 days’ notice in writing.

Any amounts repaid cannot be redrawn.

If NBKI consents to a prepayment before the first anniversary, a fee of 1% of the amount prepaid will be payable, such fee will be payable at the time of such prepayment.

This can be done at no cost provided you close your loan on interest rollover date and after the first loan drawdown anniversary.

No. You will need to utilise a chartered surveyor from the NBKI's approved list to proceed with the survey and/ or valuation of the property.

Yes. NBKI can recommend a solicitor for your transaction. For more information, please contact us or your dedicated Relationship Manager.

Yes. You will need to supply copies of your certified financial accounts prepared by your accountant for a period of three-years prior to application.

No. NBKI only provides partial financing for the purchase of a property to be utilised either as your holiday residence or as a rental property.

A type of loan where the principal balance and the interest is paid in regular amounts at regular times.

A type of mortgage or loan where the interest is paid in regular amounts at regular intervals, and the principal amount is repaid in one amount when the loan matures or expires.

Another person or persons who take out a mortgage or loan together with you.

An agreement with a property manager in which they agree to exercise reasonable skill, care and diligence in managing the property and will cover any losses as a result of failing to do so.

An agreement that repayment of the lender will take priority over everyone else. A first charge is attached to a property at the Land Registry and is removed when the loan or mortgage is repaid in full.

Property and the land it is built on which is owned outright.

A third party individual who agrees to pay any loan or mortgage interest and principal repayments in the event the individuals who take out the loan or mortgage cannot meet the expected repayments.

A property which comes with a right to occupy, for a set number of years and in accordance with a lease agreement.

The number of years we have given for you to have your loan.

A signed agreement with a third party individual to confirm they agree to pay any loan or mortgage interest and principal repayments in the event the individuals who take out the loan or mortgage cannot meet the expected repayments.

An agreement that all rental income received from a property we have given a Buy-to-Let mortgage on will be paid to your account with us.

The number of years left on the Lease of your leasehold property.

A tax paid on the purchase of a UK property.

MICR (Magnetic Ink Character Recognition), is a character recognition technology which helps in faster processing of cheques. Every bank branch is given a unique MICR code and this helps to speed up the cheque clearing process.

Yes, for cheques to be processed, an MICR code is required. The MICR code contains data required to process the cheque.

Only cheques meeting the standard size requirements will be accepted for processing. Cheques should either be 20.3 cm x 7.6 cm or 22.8 cm x 8.9 cm.

Cheque books issued by NBKI comply with all security features and these include:

• Type of paper used which does not allow for cheque to be photocopied

• Special type of ink

• Watermark as part of the cheque

• UV logo

Please contact the individual who has provided you with this cheque and request that they provide you with a new standard cheque. Soon, it will not be possible to process this cheque at any local bank.

No, it is not. Direct sunlight damages the UV security features which would make it impossible for such cheque to be processed by NBKI.

• Do not write or sign over the MICR code at the bottom of the cheque

• Generally keep cheque in a good condition - it should not be folded or stapled to the paper. Make sure that your cheques are not damaged in any way (ie: torn, folded, or crumpled).

• The cheque should not be exposed to direct sunlight nor kept in a hot place e.g. in a car in direct sunlight as this can damage the UV logo.

• Ensure the availability of sufficient funds in the account before issuing cheques (cheques returned due to insufficient funds may lead closure of your account by NBKI)

A debit card is a form of payment where the customer can purchase an item using money that is deposited in his bank account without the need to withdraw it in cash.

All customers that currently hold an active current account with the bank qualify for a debit card. In the case of a new customer, they will receive a debit card instantly when opening the current account at the branch.

The NBK Debit Cards give direct access to your current account and can be used at millions of locations worldwide at ATMs, point of sales and websites.

NBK Debit Cards are now Contactless and will work at Contactless readers throughout the world allowing you to pay for low value items with a simple tap.

You must tell us right away if you think someone might have access to your account, or if your card is lost or stolen.

The numbers to use during office hours 9am to 5pm Monday to Friday are: 0207 224 2217 from the UK

+44 27224 2277* from outside the UK

If your card is lost or stolen, including the situation where your card is stuck inside an ATM please call NBKI outside of office hours at +44 207 317 5513.

How much is the minimum balance charge?
It is dependent upon whether you are a Private or Retail Banking Customer. The expected minimum balance charge will be communicated to each customer individually.

What is the frequency of the minimum balance charge?
If applicable, the minimum balance charge is paid monthly in arrears and will be debited to your account during the first week of every month

When did the first minimum balance charge come into effect?
The first month of assessment of averages balances on your accounts was January 2023, with the first minimum balance charge being debited from accounts, where payable, during the first week of February 2023. The minimum balance charge is a recurring monthly charge, where payable.

I hold a local mortgage loan with the NBKI. Will the minimum balance threshold and minimum balance charge be applicable to my account?
No, the minimum balance threshold and charge will not be applied as long as you continue to hold a local mortgage loan with NBKI.

I hold an investment with the NBKI (NBK Nominees). Will the minimum balance threshold and balance charge be applicable to my account?
No, the minimum balance threshold and charge will not be applied as long as you continue to hold an investment with NBKI (NBK Nominees).

How can I pay UK travel expenses if I do not want to top-up my balance or pay the minimum balance charge?
If you are unable to, or do not wish to top up your balance with NBKI London, to meet the minimum balance requirements, and do not wish to incur the minimum balance charge, you must close your UK account(s) with NBKI. If you are an NBK - Kuwait Account Holder you can use your NBK - Kuwait issued cards which are compatible across the UK.

I am not a NBK - Kuwait cardholder, how can I pay my UK travel expenses if I do not want to top-up my balance or pay the minimum balance charge?
After closing your UK account with NBKI, the alternatives to pay for UK travel expenses include using your local bank issued cards. Please verify with your local bank that their cards are operational overseas.

How are the average balances computed?
The end of day cleared balances in your current and fixed deposit accounts will be aggregated into GBP and divided by the number of calendar days during the month to arrive at the average balances.

Will my account be charged if I hold average monthly balances of more than the minimum balance but at times, the balances fall below the minimum balance for a few days in the month?
Charges will be based on average balances during the month. Your account will be debited with the minimum balance charge only if the average balance falls below the minimum balance requirement

I hold an NBK Fixed Term Deposit with NBKI of over the minimum balance. Do I also need to maintain a minimum balance in my NBK Current Account?
Aggregate average balances of NBK Current Account and NBK Fixed Term Deposit will be taken into consideration. You do not need to maintain an average balance of the minimum balance in each of these accounts.

I hold an NBK Current Account in other foreign currency (US Dollars). Is the minimum balance requirement applicable to my NBK Current Account in USD?
The minimum balance requirement is applicable on other currency accounts as well. The equivalent average balances of the minimum balance should be held. The exchange rates used to calculate average balances for other currencies will be based on the rates determined by NBKI. If you hold your balances in foreign currencies and they are below the equivalent amount of minimum balance, the minimum balance charge will be debited from your current account in foreign currency on a monthly basis (the exchange rates used to calculate the charge for other currencies will be based on the rates determined by NBKI).

Will the balances in other foreign currencies be taken into consideration for computing the average balance at NBKI?
Yes, these balances in other currencies will be included at the exchange rates determined by NBKI.

Will my balances in other NBK locations count when calculating will be taken into consideration for computing the average balance?
No, NBKI is a UK subsidiary, subject to its own local regulatory and operating environments. The average balance is computed based on aggregate balances held with NBKI only.

What happens if I have no available balances in my NBK Current Account?
If the minimum balance charge is applicable and your current account balance is below the applicable minimum balance charge, we will contact you to top-up your account to cover the charge. If you do not top up your account balance in a timely manner or fail to hold enough funds in your account to meet the monthly minimum balance charge on an ongoing basis, we will close your account in accordance with our terms and conditions.

If I am not able to meet the minimum balance requirement and do not wish to incur the minimum balance charge, how do I close my account?
We will be sorry to have you exit your relationship with us. We can, however, assist you in closing your account if you choose to do so. You will be required to provide us with signed authorisation to close your account and transfer the balance to your specified bank account.

I hold a mortgage loan with the NBKI London. Will the minimum balance charge be applicable to my account?
The minimum balance charge will not be applied so long as you continue to hold a mortgage loan with NBKI London.

I hold an investment with the NBKI London (NBK Nominees). Will the minimum balance charge be applicable to my account?
The minimum balance charge will not be applied so long as you continue to hold an investment with NBKI London (NBK Nominees).

What is the frequency of the Minimum Balance Charge?
If applicable, the charge of £90 will be debited to your current account during the first week of every month, if the average balances on your accounts for the preceding month was below £300,000.

When was the first Minimum Balance Charge be payable?
The first month of assessment of averages balances on your accounts was January 2023, and the first Minimum Balance Charge was debited to accounts, where payable, during the first week of February 2023. The minimum balance charge is a recurring monthly charge, where payable.

How can I pay UK travel expenses if I do not want to top-up my balance or pay the Minimum Balance Charge?
If you are unable to, or do not wish to top up your balance with NBKI to £300,000, and do not wish to incur the Minimum Balance Charge, you must close your UK account(s) with NBKI. If you are an NBK Kuwait account holder you can use your NBK Kuwait issued cards which are compatible across the UK.

I am not a NBK Kuwait card holder, how can I pay my UK travel expenses if I do not want to top-up my balance or pay the Minimum Balance Charge?
After closing your UK account with NBKI, the alternatives to pay for UK travel expenses include using your local bank issued cards. Please verify with your local bank if their cards are operational overseas.

How are the average balances computed?
The end of day cleared balances in your current and fixed deposit accounts will be aggregated into GBP and divided by the number of calendar days during the month to arrive at the average balances.

Will my account be charged if I hold average monthly balances of more than £300,000 but at times, the balances fall below £300,000 for a few days in the month?
Charges will be based on average balances during the month. Your account will be debited with the Minimum Balance Charge only if the average balance falls below the Minimum Balance Requirement.

I hold fixed deposits with NBKI London of over £300,000. Do I also need to maintain a minimum of
£300,000 in my current account?
Aggregate average balances of Current and Fixed Deposit Accounts will be taken into consideration. You do not need to maintain an average balance of £300,000 in each of these accounts.

I hold a Current Account in other foreign currency (US Dollars). Is the Minimum Balance Requirement applicable on my USD current account?
The Minimum Balance Requirement will also be applicable on other non-GBP currency accounts. The equivalent average balances of £300,000 in the relevant currency should be held. If you hold your balances in foreign currencies and they are below the GBP equivalent amount of £300,000, the charge equivalent to £90 will be debited to your current account in foreign currency on a monthly basis. The exchange rates used to calculate average balances for other non-GBP currencies and the monthly charge will be based on the rates determined by NBKI London.

Will the balances in other foreign currencies in NBKI be taken into consideration for computing the average balance?
Yes. These balances in other currencies will be included at the exchange rates determined by NBKI.

Will my balances in other NBK locations be taken into consideration for computing the average balance?
No. NBKI is a UK subsidiary subject to its own local regulatory and operating environments. The average balance is computed based on aggregate balances held with NBKI only

What happens if I have no available balances in my current account?
If the Minimum Balance Charge is applicable and your current account balance is below the applicable Minimum Balance Charge, we will contact you to top-up your account to cover the charge. If you do not top up your account balance in a timely manner, or fail to hold enough funds in your account to meet the monthly Minimum Balance Charge on an ongoing basis, we will close your account.

If I am not able to meet the Minimum Balance Requirement and do not wish to incur the Minimum Balance Charge, how do I close my account?
We will be sorry to have you exit your relationship with us. We can however assist you in closing your account if you choose to do so. You will be required to provide us with your signed authorisation to close your account and transfer the balance to your specified bank account.

Confirmation of Payee (CoP) is a service that checks if the name on a payment matches the name on the account. It applies to both incoming and outgoing GBP domestic payments, helping make sure payments are sent to or received from the correct account.

We are introducing CoP to make payments safer and reduce the risk of money going to the wrong account by mistake. CoP adds an extra layer of protection against errors and fraud.

When you send a payment, CoP checks if the account name matches the details provided by the receiving bank. When you receive a payment, CoP checks if the sender’s details match what we have on file for your account.

No, you don’t need to do anything. CoP works automatically for both sending and receiving payments.

If there's no match, you or the person sending the payment may be asked to check the account details. If the details need to be updated, the payment can be tried again. We shall contact you through the agreed channel on your account.

CoP checks are quick and usually do not cause any delay. Payments should continue as normal in most cases but are subject to checks.

Yes, CoP is a recognised UK service and designed to keep your banking secure. It uses secure systems to protect your account and payment information.

For more details, please contact your Relationship Manager.