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NatWest unveils 2.95% five-year fix

by Kevin Rose
31 July 2012
NatWest
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NatWest

NatWest has introduced a five-year fixed rate mortgage at 2.95%, available up to a maximum LTV of 60%.

It is currently the lowest ever five-year fix offered in the UK, although its arrangement fee is well above average at £2,495.

Remortgages qualify for a free valuation and free legal fees.

Ray Boulger of John Charcol said: “A fee of £2,450 will instinctively put some people off, but to put it in perspective a £2,495 fee on a five-year fix is equivalent to the same annual amount over the deal period as a £999 fee on a two-year fix.

“Furthermore, the rate on nearly all two-year fixes and trackers (including NatWest’s) is higher than 2.95%. The larger a mortgage the better the value a borrower obtains by paying a high flat rate fee in exchange for a lower interest rate.

“NatWest is adopting a similar marketing strategy to the only other lenders with a sub 3% five-year fix – HSBC and Santander. All are offering a headline grabbing rate up to 60% LTV, coupled with a big fee, but a massive increase in the rate for the next LTV band, albeit with a much smaller free.

“The rate differentials for the higher LTVs are at least 1%, which is far higher than can possibly be justified by the small increase in the risk or regulatory capital requirements.”

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© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

No Result
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  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • DISTRIBUTION
  • G.I.
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Pensions
    • Retirement borrowing
  • LOANS
  • PROTECTION
    • Critical illness
    • Income protection
    • Group protection
    • Life cover
    • PMI

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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