Natwest Mortgage renew due

realfun

My mortgage deals finished 31st Mar this year and looking on their website for a deal. Property is worth 250k LTV is 54%. I see a deal which looks good but need some clarification on the following posits:


1. Eligibility

• Minimum of £1000 credit turnover made to a NatWest account per month YES
• Must have at least 2 direct debits or 2 standing orders go out of the NatWest account per month NO
• 2 transactions via debit card, cashpoint or cheque per month through the NatWest Account 1 Transaction
• This criteria must be met at the time of application to qualify for the product

My question for eligibility the statments where I do not qualify can I set 2 DD and use my card x2 in Feb & Mar to qualify for the Mortgage renewal deal in March? (if i do i can avoid the £499 product fee)

Also further down the mortage deal page it mentions:
Minimum deposit = 40%
Minimum loan amount = £25,000

What does this mean? Please can someone advice me.

Many Thanks in advance.

BoGoF

I would think your plan for the DD's and debit card payments would work.

The 40% deposit bit I assume means the max LTV for this deal is 60% and minimum loan £25000 speaks for itself. Just be sure of your valuation. By my reckoning your mortgage is £150,000, should the mortgage valuation come in at say £240,000 then 60% isn't enough for you.

realfun

BoGoF wrote: »

I would think your plan for the DD's and debit card payments would work.

The 40% deposit bit I assume means the max LTV for this deal is 60% and minimum loan £25000 speaks for itself. Just be sure of your valuation. By my reckoning your mortgage is £150,000, should the mortgage valuation come in at say £240,000 then 60% isn't enough for you.

Sorry for being thick but im still confused with the %, I owe £136k if that helps.

_Andy_

realfun wrote: »

]My question for eligibility the statments where I do not qualify can I set 2 DD and use my card x2 in Feb & Mar to qualify for the Mortgage renewal deal in March? (if i do i can avoid the £499 product fee)

Give them a ring and ask

Also further down the mortage deal page it mentions:
Minimum deposit = 40%
Minimum loan amount = £25,000

What does this mean? Please can someone advice me.

Many Thanks in advance.

Equity in house must be at least 40% ie if you had a house worth 100k you can't have a mortgage of more than 60k
Min mortgage amount they'll do is 25k

BoGoF

realfun wrote: »

Sorry for being thick but im still confused with the %, I owe £136k if that helps.

Sorry, was me being thick - don't know how I got £150,000.....damn calculator !! So you have a bit leeway with your LTV

kingstreet

Does NatWest publish rates for existing borrowers not moving home on its website? Many lenders don't and looking at deals for new purchases or remortgages won't help if they aren't available to you.

It appears it does;-

http://www.natwest.com/personal/mortgages/g3/repayment-calculator.ashx?categorytype=fix&customertype=ecss&x=43&y=6

and

http://www.natwest.com/personal/mortgages/g3/repayment-calculator.ashx?categorytype=var&customertype=ecss&x=59&y=6

The maximum loan to value figures shown indicate how much of the property value you can borrow. ie 60% max means you could go upto £60k on a property worth £100k.

realfun

_Andy_ wrote: »

Give them a ring and ask

Scared to ask incase they say no :embarasse

Also I noticed their deals with £0 product fee works out more in monthly repayment compared to deals which include product fee :huh:

Which deal would you recommend from below.

Type 2 year tracker Customers who use us as their main bank - terms apply.
Initial Rate 2.60%
Rate thereafter (variable) 4%
Overall cost for comparison 3.8% APR
LTV 60%
Product fee £0
Monthly Payment £544.46
Monthly Payment (if product fee added to borrowing) £544.46

Type 2 year tracker
Initial Rate 2.45%
Rate thereafter (variable) 4%
Overall cost for comparison 3.8% APR
LTV 60%
Product fee £499
Monthly Payment £533.84
Monthly Payment (if product fee added to borrowing) £535.79

kingstreet

realfun wrote: »

Sorry for being thick but im still confused with the %, I owe £136k if that helps.

We need the other part of the equation, the property value. Is it more than £230k?

If it is, you can carry on looking at those rates. If it isn't, you need to look at those for higher loan to value cases.

realfun

kingstreet wrote: »

We need the other part of the equation, the property value. Is it more than £230k?

If it is, you can carry on looking at those rates. If it isn't, you need to look at those for higher loan to value cases.

Property value is 250k.

Looking for a tracker deal at 30yrs.