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28 Mar 2024
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News

The deal you can’t get

NatWest £1,000 Mortgage Challenge

Julia Harris, Mortgage Analyst at Moneyfacts.co.uk – the money search engine, comments:

“While it is great news to see NatWest encouraging borrowers to remortgage to a better deal, the £1,000 mortgage challenge is little more than a marketing ploy to entice borrowers through the door. It is pleasing to see one of the big five banks taking a stand and challenging its competitors, rather than resting on its laurels, relying on its brand and existing customers.

“This is by far the largest price promise we have seen, and is the only lender to currently offer such a challenge. But with so many caveats to the deal, it makes it a sure fire win for NatWest. Here are the rules:

“As the comparison charts show, the deal used for comparison used by NatWest is unbeatable, based on the monthly repayments of the deals from the four lenders which match the challenge criteria. The £1,000 challenge is therefore somewhat of an empty promise.

Comparison Deal

Lender

Product

LTV

Fee

Incentives

NatWest

5.14% to 30.6.09

75%

£699

Option to switch to a fixed rate

Fixed Rates

Lender

Product

LTV

Fee

Incentives

Abbey

5.39% to 2.8.09

90%

£499

Free ASU for 3 months

Halifax

5.69% to 30.6.09

85%

£999

Remortgages: £200 rebate, free legal fees and free valuation

C&G / Lloyds TSB

5.69% to 31.5.09

90%

£799

Remortgages: free valuation. England / Wales free legals. Scotland / NI £400 rebate

Woolwich / Barclays

5.39% to 30.6.09

80%

£995

Remortgages: £200 rebate or free legal fees and free valuation

Tracker Rates

Abbey

5.19% for 2 years

90%

£499

Free ASU for 3 months

Halifax

5.49% to 30.6.09

85%

£999

To 90% no HLC. Remortgages: £200 rebate, free legals, free valuation

C&G / Lloyds TSB

5.39% to 30.6.09

90%

£999

Remortgages: free valuation. England / Wales free legals. Scotland / NI £400 rebate

Woolwich / Barclays

5.54% for 2 years

95%

£995

Remortgages: free valuation, free legals or £200 cash back

Moneyfacts.co.uk – the money search engine

“While the challenge will ensure the lowest possible monthly repayment is achieved between the lenders in question, it is also important to mention that when switching mortgage providers, the monthly repayment and the headline rate are only part of the picture. Switchers must look at the whole mortgage package, including the rate, fees, incentives and flexibility.

“If you are remortgaging, don’t limit yourself to one lender; shop round the whole market, it’s sometimes the smaller regional building societies which top the charts with the best deals.

“So why not take the moneyfacts.co.uk challenge to find the best deal from the whole of the market? With over 10,000 mortgages available there is bound to be a deal which is tailor made your individual circumstances.

“If you do fit into the slightly limited criteria set by the NatWest mortgage challenge, it can be a pretty competitive deal. But as each and every one of us will have difference circumstances, it is still wise to search the whole market. It may be that you want a low rate high fee combination, or value the incentives cash back or flexible features other mortgage deals may offer. “

 

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349