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NatWest Mortgage Review: Pros, Cons & Features
NatWest offers mortgage options to first-time buyers, homemovers and those remortgaging. It’s possible to overpay on a NatWest mortgage by up to 20% of the amount you owe each year. Learn more in our NatWest mortgage review.
NatWest mortgages: at a glance
NatWest offers capital repayment and interest-only mortgages, and a range of mortgages which includes fixed and tracker rate options. NatWest mortgages can be taken out for a term of up to 40 years. You’re able to apply for a mortgage from NatWest online, over the phone, or in a NatWest branch. You can do the same, or use NatWest’s mobile app, if you need to contact customer support.
It’s possible to overpay up to 20% of your remaining balance each year of a NatWest fixed-rate or tracker-rate mortgage without needing to pay an early repayment charge.
NatWest Mortgages
3 to 40 years
£25,000
Capital & Interest; and Interest Only
Yes
Yes
This mortgage provider is available via our partner, London & Country Mortgages.
Think carefully before taking out any mortgage. Your home may be repossessed if you do not keep up repayments.
This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
NatWest mortgage pros & cons
Pros
- Capital repayment and interest-only mortgages are available with NatWest.
- It offers mortgages at 85% LTV and over.
- NatWest offers multiple customer support options.
Cons
- Other lenders can offer smaller minimum mortgage amounts below £25,000.
NatWest mortgage overview
NatWest is one of the largest mortgage lenders in the UK according to UK Finance data, and offers mortgages to first-time buyers, home movers and existing mortgage borrowers who want to remortgage. NatWest also offers buy-to-let mortgages to landlords.
NatWest mortgages are available for amounts of £25,000 and above, and for terms of between three and 40 years. Customer support is available online, over the phone, via the NatWest mobile app and in-branch.
| Product options | Capital repayment Interest-only Fixed rate Tracker 85% loan-to-value or higher Green |
| Term length | 3 – 40 years |
| Minimum loan size | £25,000 |
| Allows overpayments | Yes |
| Mortgages are portable | Yes |
| Ways to apply | Online, phone, in branch, broker |
| Customer service contact options | Online, phone, in branch, mobile app |
| Fairer Finance customer experience rating | 59% (as at 11 November 2024) |
Where NatWest mortgages stand out
There is a 20% overpayment allowance
The annual overpayment limit of 20% of your remaining balance on NatWest fixed-rate and tracker rate mortgages before you face any early repayment charges is double the 10% that many of the lenders we’ve reviewed allow.
Multiple application and support options
NatWest allows borrowers to apply for its mortgages either online, over the phone or at one of its branches, and then offers access to customer support through the same channels, as well as through its mobile app.
Wide range of mortgage terms
NatWest allows a mortgage term of between three and 40 years. At some lenders the minimum term available is five years. However, choosing a longer repayment period will mean you end up paying more interest overall.
Where NatWest mortgages fall short
Smaller mortgages are available elsewhere
The minimum mortgage amount NatWest allows is £25,000. If you’re looking for a smaller mortgage there are some lenders that offer much lower amounts.
» MORE: Best mortgage lenders
Take a look at some of the other mortgage providers we review.
What types of mortgages does NatWest offer?
NatWest first-time buyer mortgages
NatWest first-time buyer mortgages are available up to 95% loan-to-value (LTV). This means you may be able to get a NatWest mortgage with a 5% deposit. Some NatWest first-time buyer mortgages offer cashback as an incentive, though it’s important to consider all aspects of a mortgage, and select the most suitable for your circumstances and needs.
NatWest remortgages
NatWest offers a range of remortgage options if you wish to switch from your current lender. Some NatWest remortgage deals are available without a product fee.
NatWest buy-to-let mortgages
NatWest offers buy-to-let mortgages to new landlords as well as existing landlords looking to remortgage.
NatWest mortgage features
Repayment options
NatWest mortgages are available on a capital repayment or an interest-only basis.
With a repayment mortgage, your monthly repayments cover the interest you’re charged for that month and will also pay off an element of the original mortgage amount, or capital, you borrowed at the outset. As long as every repayment is made on time, it should work out that everything you owe is paid off by the end of your mortgage term.
Interest-only mortgages tend to be harder to obtain and, with NatWest, you’ll need to talk to one of its mortgage advisers if you want to apply – you can’t apply online. With an interest-only mortgage, the monthly repayments only cover the interest for that month and contribute nothing towards paying off your original mortgage amount. Instead, you’ll need a repayment strategy in place that is designed to pay back the loan amount you took out when your mortgage term ends. This repayment plan may include an endowment plan, stocks and shares ISA, a pension, or another form of investment. Note that interest-only mortgages often have lower LTV limits than capital repayment mortgages as well.
» MORE: Interest-only vs. repayment mortgages
Mortgage rates
NatWest offers fixed-rate and tracker rate mortgages. The interest rate you pay on a fixed-rate mortgage is fixed for a set period of time – typically for two or five years. This means your monthly repayments stay the same for the length of the fixed-rate deal you’ve agreed, providing peace of mind that your repayments won’t change during that period.
At the end of your deal, you may want to remortgage to a new deal; if you don’t you’ll automatically move onto NatWest’s standard variable rate (SVR). NatWest has the right to increase and decrease this rate whenever it wants. It will also usually be higher than the rate you’ve just left behind.
With a NatWest tracker mortgage the mortgage rate you pay rises and falls in line with the National Westminster Bank Plc base rate. Unlike many other tracker mortgages, NatWest can change this rate when it wishes, and movements are not guaranteed to reflect changes in the Bank of England base rate of interest. This type of mortgage can see your monthly repayments rise and fall and makes it essential to work out whether you could still afford your monthly repayments if rates were to increase.
» MORE: Fixed- vs. variable-rate mortgages
Loan-to-value ratios
NatWest offers mortgages up to 95% LTV, which means there are mortgage options available if you have a 5% deposit.
» MORE: Why your LTV is important for a mortgage
Mortgage offers
Any mortgage offer you receive from NatWest is valid for six months. During this time, the mortgage rate you’ve been offered will not change. It may be possible to get an extension of up to one month if you’re running out of time to complete.
Making overpayments
If you have a NatWest fixed-rate or tracker mortgage, it’s currently possible to overpay by up to 20% of your outstanding mortgage balance every year before an early repayment charge must be paid. If you want to overpay your mortgage NatWest offers the option to make one-off lump sum overpayments and set up regular overpayments. Always check the terms and conditions of your mortgage for charges before making additional payments.
» MORE: Mortgage overpayment calculator
Paying off your mortgage early
It is possible to pay off your NatWest mortgage early, but you may need to pay fees and early repayment charges depending on where you are within your deal period. If you’re considering paying off your mortgage early, you can ask for a redemption statement from NatWest online.
Porting your mortgage
If you’re moving home and would like to take your existing NatWest mortgage with you, most of its mortgages can be ported. It may be possible to port your mortgage without needing to pay early repayment charges, but you should always check with a lender first if any charges will apply.
Customer support
NatWest offers a number of channels through which you can contact customer support. These include by phone, online, through the NatWest mobile app and at NatWest branches. You may also see a chat option on the NatWest website where a digital assistant – Cora – attempts to answer your questions. If it cannot, you’ll be redirected to speak to a real person.
Mortgage calculators
The NatWest website hosts a selection of mortgage calculators, including an overpayment calculator, borrowing calculator and interest rate change calculator.
» MORE: Our mortgage calculators
Customer ratings
NatWest has been awarded a customer experience rating of 59% by Fairer Finance in relation to mortgages, which sees the bank rank joint 15th out of the 22 lenders it reviewed. The ratings are designed to reflect the trust that borrowers have in a brand, how happy they are with the lender, and the responses that lenders provide to complaints. How clearly lenders explain their mortgage products and the simplicity of the documents given to customers are also considered.
This information from Fairer Finance was correct as of 11 November 2024.
» MORE: Do I need mortgage advice?
NatWest Mortgage FAQs
NatWest receives an overall customer experience rating of 59% from Fairer Finance in relation to mortgages, placing it joint 15th among the 22 lenders that were assessed overall. As at 11 November 2024, the top-rated lender, Nationwide, received a rating of 73%.
NatWest suggests there’s a better chance of being accepted for one of its mortgages if you have a good credit score, but doesn’t specify the minimum credit score you may need. Other factors, such as your income, will also be taken into account when NatWest decides whether you’ll be able to afford a mortgage.
This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
Review methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
You can view our full review methodology here.