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MSE NEWS: NatWest launches lowest 5-year fix as mortgage rates fall
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Former_MSE_Guy
Posts: 1,650 Forumite
"A new record low five-year fixed rate mortgage has been launched by NatWest today at 2.95%, amid falling rates ..."
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You omitted the fee of £2,495 and 40% deposit from the headline.....
Not as attractive as it may appear!0 -
£2,495 fee holy macaroni0
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In my case I would be better off taking no fee product at 3.69% than this. Is a bit of con really. You'd need to be taking out a seriously big mortgage for that to work out cheaper than the already available HSBC no fee 3.49%. So basically it's not a cheaper mortgage at all as there a far better ones that have been around for ages!!0
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I would be interested to know the tranche of money they have available. They have been going out of there way not to lend for the last 6 months and now have decided to be competitive at sub 60% and sub 75% Loan to Values..
Obviously we still do not know how hard they are going to be underwriting cases on these headline rates, unless balance shifts I will not be finding out..
Still, hopefully kick a couple of others in action worse waysI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Now if only that rate was available on an offset.....I think....0
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So here we have a case of a mostly state owned bank taking very cheap BoE money to provide cheap mortgages best suited to big borrowers with sizeable deposits. People like bankers."It is already clear the Government's Funding for Lending Scheme is very quickly proving effective as far as the mortgage market is concerned."0
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The overwhelming majority of bankers don't match that description.So here we have a case of a mostly state owned bank taking very cheap BoE money to provide cheap mortgages best suited to big borrowers with sizeable deposits. People like bankers.
But your point is excellent. The cheap money is coming through, but the lending is still cherry picking.
It will be interesting to see if a more relaxed approach filters through to the mid-market. Smaller deposits, lower credit scores being accepted etc.0 -
So here we have a case of a mostly state owned bank taking very cheap BoE money to provide cheap mortgages best suited to big borrowers with sizeable deposits. People like bankers.
Would you prefer the business to go to a state owned bank or one owned by overseas investors (i.e. HSBC).0
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