NatWest broker rates going up from tomorrow (3rd Oct)

K_S

Just received notification from NatWest about broker rates going up, available from tomorrow. The email says the new rates are "immediately effective" so I imagine it's no longer possible to submit an application for the old rates but do check with your brokers if you have any applications ready to go.

See here for the latest product guide https://www.intermediary.natwest.com/intermediary-solutions/products.html

Please note this may or may not be applicable for direct rates, I am only talking about NatWest broker rates.

 

thriftypatos

K_S said:

Just received notification from NatWest about broker rates going up, available from tomorrow. The email says the new rates are "immediately effective" so I imagine it's no longer possible to submit an application for the old rates but do check with your brokers if you have any applications ready to go.

Please note this may or may not be applicable for direct rates, I am only talking about NatWest broker rates.

 

Did this email come in this morning (Sunday)?

ACG

It did. 
I am reading it like we basically have until the end of today to submit an application to them rather than the end of tomorrow? 

I realise it is unprecedented times, but to email on a Sunday with less than 24 hours notice is not really on.

K_S

ACG said:

It did. 
I am reading it like we basically have until the end of today to submit an application to them rather than the end of tomorrow? 

I realise it is unprecedented times, but to email on a Sunday with less than 24 hours notice is not really on.

@ACG That's what I thought but the email also says "The above rates are immediately effective" so I suspect the old rates are no longer available on the system. Thankfully the one NatWest app I had ready to go was submitted on Friday though this does scupper a couple of recommendations in the pipeline.... 

mose_2

Was going to look at applying for this tomorrow. Things going from bad to worse 😩 

looks like 5 year remo close to 5% then? 

ACG

There is no time to think anymore, the longer you leave it the more it is likely to cost. I realise how much of a window salesman I sound saying that btw. 

K_S

mose_2 said:

Was going to look at applying for this tomorrow. Things going from bad to worse 😩 

looks like 5 year remo close to 5% then? 

@mose_2 I would stress here that please don't assume that this applies to direct rates as well, the changes outlined above are only with reference to intermediary rates.

mose_2

Thanks again. Do you know if I applied today for this rate (3.79) which is still showing, obv I’m not guaranteed that rate until offer but if they change rates tomorrow will they tell me before doing a hard search? Don’t really want to fully apply and have hard search on file at 3.79 only to get offered a much higher rate that I’m not prob not going to take. Hope that makes sense. 

K_S

@mose_2 For a NatWest broker application, once I click on submit and I get an email from NatWest saying "Thank you for your application. The mortgage reference number is: xyz", the rate is secured irrespective of what happens to their product guide after that.

My guess is that the above logic should apply to a full direct application as well, but I don't really know.

mose_2 said:

Thanks again. Do you know if I applied today for this rate (3.79) which is still showing, obv I’m not guaranteed that rate until offer but if they change rates tomorrow will they tell me before doing a hard search? Don’t really want to fully apply and have hard search on file at 3.79 only to get offered a much higher rate that I’m not prob not going to take. Hope that makes sense. 

ACG

K_S said:

mose_2 said:

Was going to look at applying for this tomorrow. Things going from bad to worse 😩 

looks like 5 year remo close to 5% then? 

@mose_2 I would stress here that please don't assume that this applies to direct rates as well, the changes outlined above are only with reference to intermediary rates.

One of our customers wanted to do a PT and switch from repayment to IO (BTL) last week. 
The earliest appointment was November... 

thriftypatos

It’s very confusing because on the one hand it says rates are “immediately effective”, but on the other hand the new rates are applicable from 3 October. So what happens if the broker submits yesterday or today? I’m paying a hefty fee for mine to submit today. If we don’t get the old rate we’ll be paying £40,000 more over 5 years and can’t afford to move.