Natwest - Do they offer INTEREST ONLY mortgages ?

Beakie181004

Hi, I am about 4 months from the end of my 2 year fixed mortgage (3.39%) with Natwest. In about a month I will be able to go online to my account and see what they can offer instead of just following onto their SVR (4% currently). I will have to stay with Natwest as I will be unable to move to another lender due to the debt we have as I would not be offered a mortgage from other lenders due to the new rules. So again, do Natwest offer INTEREST ONLY mortgages ? Thank you, Beakie

Thrugelmir

You'll need to approach the Natwest and ascertain their policy. They'll continue to offer you a mortgage on what terms is another matter.

shortchanged_2

I would say your chances of getting an IO mortgage are absolutely zero.

http://personal.natwest.com/personal/mortgages/manage-your-mortgage/interest-only.html

Thrugelmir

shortchanged wrote: »

I would say your chances of getting an IO mortgage are absolutely zero.

http://personal.natwest.com/personal/mortgages/manage-your-mortgage/interest-only.html

"Customers with existing interest only mortgages are not effected by this change. "

shortchanged_2

Thrugelmir wrote: »

"Customers with existing interest only mortgages are not effected by this change. "

Does beakie have an IO mortgage thrug?

James_B.

Thrugelmir wrote: »

"Customers with existing interest only mortgages are not effected by this change. "

As should be clear, it absolutely does not say that.

(English banks still manage to use decent grammar, whatever else their failings...)

Beakie181004

No, no IO mortgage at this end. Oddly enough, I was playing around with the Natwest mortgage section the other day and because I'm not in the last 3.5 months of my current mortgage I can't go online to see what their offer will be. BUT, I went in as a 'new customer' and put in some of my details like (mortgage required £233K, house worth £360K) and it came back with an IO option which surprised me as I thought IO options were not available anywhere. BUT times have changed. Thanks folks, Beakie.

olias

I have just taken out a natwest mortgage and they catagorically stated that they do not offer io mortgages at all

Olias

shortchanged_2

Beakie181004 wrote: »

No, no IO mortgage at this end. Oddly enough, I was playing around with the Natwest mortgage section the other day and because I'm not in the last 3.5 months of my current mortgage I can't go online to see what their offer will be. BUT, I went in as a 'new customer' and put in some of my details like (mortgage required £233K, house worth £360K) and it came back with an IO option which surprised me as I thought IO options were not available anywhere. BUT times have changed. Thanks folks, Beakie.

Were you looking at the BTL mortgages by any chance?

AFK_Matrix

I thought even if your staying with your existing lender but changing to a different product with them you still have to undergo the MMR stuff? As you are changing to a new product they have to do all the affordability checks again to make sure you can afford the new product? If so OP your debt will prohibit what Natwest will offer you. Could be wrong though!

jimjames

shortchanged wrote: »

Were you looking at the BTL mortgages by any chance?

They certainly offer Interest only for BTL as it was one of the lenders I was looking at going with.