Natwest £1000 mortgage challenge

Rimo2021

Does anyone know if Natwest do guarantor mortgages?

I have a mortgage with Chelt Glos which is far bigger than I could get based on earnings and was wondering if I could scoop their £1000 if they simply won't offer me a mortgage that big ? Or do you reckon they'll have a caveat in place for that eventuality ..

kingkano

The challenge is so worthless in reality. It only applies to mortgage holders with Abbey, Halifax, Lloyds TSB and the Woolwich.

Borrowers with the stated banks must have a minimum mortgage balance of £50,000 with a maximum loan-to-value of 75%. The promise also excludes stepped discount mortgages as well as offset, current account mortgages and mortgages with extended tie-ins, as well as products with arrangement fees greater than £999, buy-to-let deals and internet and staff concessionary mortgages.

Rimo2021

kingkano wrote: »

The challenge is so worthless in reality. It only applies to mortgage holders with Abbey, Halifax, Lloyds TSB and the Woolwich.

Borrowers with the stated banks must have a minimum mortgage balance of £50,000 with a maximum loan-to-value of 75%. The promise also excludes stepped discount mortgages as well as offset, current account mortgages and mortgages with extended tie-ins, as well as products with arrangement fees greater than £999, buy-to-let deals and internet and staff concessionary mortgages.

yes my mortgage is with one of the relevant lenders, is over 50K with lower than 75% LTV

My current lender doesn't have a better deal advertised than the Natwest one (as Natwest know of course) but I was thinking that they simply won't be able to beat my lender as they don't do guarantor loans and they haven't specifically excluded those in their list of exceptions..

luckyfool

Rimo2021 wrote: »

yes my mortgage is with one of the relevant lenders, is over 50K with lower than 75% LTV

My current lender doesn't have a better deal advertised than the Natwest one (as Natwest know of course) but I was thinking that they simply won't be able to beat my lender as they don't do guarantor loans and they haven't specifically excluded those in their list of exceptions..

Nice try, by that token if you were an undischarged bankrupt and they refused to give you a mortgage you could claim their £1,000. I'm sure they have some small print covering this scenario, or even if they don't I don't think you would be able to enforce it.

Nice try though!

Rimo2021

luckyfool wrote: »

Nice try, by that token if you were an undischarged bankrupt and they refused to give you a mortgage you could claim their £1,000. I'm sure they have some small print covering this scenario, or even if they don't I don't think you would be able to enforce it.

Nice try though!

Yes I'm sure you're right. They claim they paid out to a 'handful' of people last time they did a challenge. I would be really curious to know the circumstances that people did qualify under. Since the rate they are offering is lower than the rates advertised by the specified lenders I really can't see how anyone could beat their challenge..yet supposedly a handful did..