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NatWest is one of the UK’s four largest banks and provides a number of mortgage products to suit a variety of borrowers.
Below, we explain some of the key points about NatWest mortgages that you might wish to know.
NatWest Mortgage Rates
As with many lenders, NatWest mortgage rates can vary for a number of reasons.
The main types of mortgage rate offered by NatWest are:
- Fixed-rate mortgages – the interest rate you will pay is fixed for the duration of your mortgage
- Tracker rate mortgages – your interest rate tracks the Bank of England base rate, meaning your monthly payments can change over time, either dropping or rising depending on how the base rate moves.
NatWest, like other lenders, also has a standard variable rate (SVR). This is not offered as an entry rate but is instead a rate that borrowers may be moved on to at the end of their fixed or tracker rate term. Typically, the standard rate will be higher than either of the others. Most borrowers will switch to a new deal before they are moved on to the SVR.
Your personal financial circumstances may affect the rate you pay, as well as changes in the economy at large. For example, the details about the mortgage product such as the amount borrowed, the amount of time you are borrowing over and other factors such as your credit history can all influence what rate of interest you are charged.
NatWest Mortgage Products
NatWest has a range of mortgage products to consider, catering to private individuals who may wish to climb the housing ladder, move home or look to invest in the property market as a landlord, for example.
Listed below are some of the mortgage products NatWest provides:
- first-time buyer
- buy to let
- moving home
The eligibility criteria for each product will vary, though some factors will remain the same. It is important to understand which option is suited to you to make sure you get the best possible deal.
NatWest Mortgage Application Process
The mortgage application process with NatWest is similar to that of other lenders, and what follows is a basic step-by-step guide to how it works:
- Secure an Agreement in Principle – this does not affect your credit score and indicates how much NatWest might lend to you based on income, property valuations, the size of a deposit and the mortgage term.
- Find a property – once you have an Agreement in Principle, you will know what value of property you might be able to find.
- Apply for a mortgage – Once you have found a property and reserved it, you can apply for your mortgage. This process can take several weeks.
- Complete your mortgage application – Borrowers will almost always work with a solicitor or licensed conveyancer, who will oversee the conveyancing process until your property sale is completed.
The NatWest mortgage application process can vary across different types of products. For example, as someone remortgaging you will not need to find a new property, and the process of moving to a new deal may be much simpler, particularly if you decide to stay with your current provider.
NatWest Customer Service
NatWest offers customer services facilities to mortgage customers who have urgent enquiries about their product. The provider offers a number of ways to be put in touch, including Cora, an automated chatbot on its website.
NatWest also has phone line options. For general mortgage queries, call 0345 302 0190. The line operated Monday to Friday between 8am and 6pm and Saturday 9am to 4pm (except Bank holidays).
For help with your NatWest mortgage application, you can call 0800 092 9585. The line operates Monday to Friday between 8am-6pm (except Bank Holidays) and Saturday to Sunday between 9am-4pm.
NatWest Mortgage FAQs
Who is NatWest?
NatWest is considered to be one of the ‘Big Four’ banks in the UK and is a major bank with both retail and commercial arms.
In 1970, Westminster Bank, National Provincial Bank and its subsidiary, District Bank, merged to form NatWest. It has been part of the Royal Bank of Scotland since 2000.
How does a NatWest mortgage work?
NatWest mortgages can work in a variety of ways, depending on the mortgage type you need and apply for. For example, first-time-buyer mortgages are intended for those wishing to borrow for a first home, while purchases for properties where you plan to make rental income will require a buy-to-let mortgage.
Rates and term lengths can vary, but you will usually be expected to make monthly repayments with some interest. Mortgages are viewed as serious financial commitments, lasting over a number of years.
What is NatWest’s mortgage eligibility criteria?
Eligibility for a NatWest mortgage will vary depending on the type of mortgage you are applying for, however there are some typical criteria for residential mortgage applications to be aware of:
- You must be at least 18 years of age.
- You must be a UK resident.
- You must be able to prove your income is enough to afford the mortgage.
- You must have the appropriate deposit for the property you want to purchase.
- You must have a good enough credit score to be eligible.
For a full list of NatWest mortgage eligibility criteria, check out its website as requirements can vary between products.
You can also check your possible eligibility by completing an Agreement in Principle, where you provide information about yourself that NatWest will use to assess what you can borrow. Bear in mind that this is not the same as a formal mortgage application.
NerdWallet can help you to compare mortgages from a range of providers, including NatWest. To find out more, compare deals using our mortgage comparison tool.
Does NatWest have a mortgage app?
Yes. NatWest has a free-to-download banking app available via the App Store and Google Play.
The app allows you to go digital and keep an eye on your mortgage, make payments and seek support directly with NatWest. For extra security, the NatWest app allows for biometric approval to make sure only you can access your private banking information on the app.
Does NatWest offer mortgage holidays?
Yes mortgage holidays may be available asNatWest offers support in allowing customers to reduce payments on their mortgages if they are under financial pressure. If you are concerned about mortgage repayments and might be considering a mortgage holiday, always refer to your mortgage offer and speak directly to your lender. This allows you to keep them updated about your financial situation and come to a suitable arrangement.
Can you overpay on a NatWest mortgage?
Yes. NatWest allows customers to overpay on their mortgage if they are able to. While this may not reduce the term length on your mortgage, it can reduce the balance left to pay and the amount of interest you pay overall could fall accordingly. You can overpay by lump sum or on a monthly basis.
Please note that NatWest may impose a limit on overpayment and a potential early repayment charge (ERC) could be incurred if this level is breached. Check your mortgage offer to be aware of this level.
NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.
Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ
Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE