As They Say ….Talk to NatWest

by Mark Johnston

The National Westminster Bank, or more commonly known as NatWest is part of the struggling banking group; Royal Bank of Scotland. Natwest is one of the ‘Big Four’ which has long since offered mortgages in the UK market.

NatWest was established back in 1968 from a merger between National Provincial Bank and Westminster Bank giving NatWest its namesake today. The bank has 1,600 branches serving more than 7.5 million customers throughout the UK. NatWest operates in Northern Ireland as Ulster Bank.

NatWest offers a full range of mortgages depending on your needs. You can both pay back just the interest and make other provision on how you will pay the capital back or you can pay back interest plus capital so the loan is paid off at the end of the full term.

NatWest’s best pick at the moment is their 2 year fixed rate at 3.19%. After the two year period the rates switches to a standard rate which is currently 4%. The overall cost for comparison is 4.1% APR which is very competitive at the moment. Minimum deposit is 40% with a product fee of £6.99.

A £200,000 property would require a £80,000 deposit. The remaining £160,000 mortgage would cost £774 for capital and repayment on a standard 25 year term. The interest only version would cost £425 per month; both mortgages would revert to the standard rate of 4%.

For those of you that are first time buyers; NatWest have a shared equity mortgage. These mortgages can provide a Government backed loan to help you buy your first home.

NatWest offer two schemes; the first scheme is called ‘HomeBuy Direct’ which is available on new build properties in England and earn less than £60,000 per year. The second scheme is called ‘Lift’ which is a low cost initiative for first time buyers in Scotland.

The banks shared equity deal is a 4.29% 2 year fixed rate mortgage requiring a 25% deposit. Overall cost for comparison is 4.3% APR with a £199 product fee. Customers must apply for this via one of the schemes above and are required to provide a 5% deposit if their share of the property.

For advantage private customers; NatWest are offering a 2 year fixed rate at 3.09%. Minimum deposit is 40% and APR 4.2%.

The advantage private deal for a £200,000 property would require a £80,000 deposit. The remaining £160,000 mortgage would cost £766 for capital and repayment on a standard 25 year term. The interest only version would cost £412 per month; both mortgages would revert to the standard rate of 4%.

For those looking for a longer fixed term, NatWest are offering a 5 year fixed rate at 4.49%. APR is 4.5% with a loan to value (LTV) of 25%. The same term is available for customers with a smaller 10% deposit which increases the rate to 6.89%.



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