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

ChemistDude

thriftypatos said:

FYI looks like Natwest's online (direct) rates have now also gone up. Eg. the rate we were looking at has jumped from 3.8 to 5.39.

Yes this was the one we applied for yesterday afternoon thanks to the OP of this thread:


This is what it changed to today:

thriftypatos

ChemistDude said:

thriftypatos said:

FYI looks like Natwest's online (direct) rates have now also gone up. Eg. the rate we were looking at has jumped from 3.8 to 5.39.

Yes this was the one we applied for yesterday afternoon thanks to the OP of this thread:


This is what it changed to today:

Does application submitted = funds booked = rate secured? 

ChemistDude

thriftypatos said:

ChemistDude said:

thriftypatos said:

FYI looks like Natwest's online (direct) rates have now also gone up. Eg. the rate we were looking at has jumped from 3.8 to 5.39.

Yes this was the one we applied for yesterday afternoon thanks to the OP of this thread:


This is what it changed to today:

Does application submitted = funds booked = rate secured? 

I'll let you know when I next hear from my broker.

kazzyb123

ChemistDude said:

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.

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.

 

Just want to say a huge THANK YOU! I already had an urgent session with my broker booked for today as I was concerned about what's happening with rates. Our 5 year fix at 2.25% ends June 2023 and we managed to get an application in today with NatWest today for a 5 year fix at 3.8%. Had I not seen your post I may have stalled and waited till next week so thank you for that!

How did you manage that? My broker on Friday said there was nothing he could do without going through the whole affordability checks again even though I knew exactly what we wanted to do. Ours renews July and I made an appointment for a zoom call with NatWest in 6 weeks! It’s already gone up £43 since Friday.
is my broker able to sort it for me in one day

kazzyb123

ChemistDude said:

UK_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.

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.

 

Just want to say a huge THANK YOU! I already had an urgent session with my broker booked for today as I was concerned about what's happening with rates. Our 5 year fix at 2.25% ends June 2023 and we managed to get an application in today with NatWest today for a 5 year fix at 3.8%. Had I not seen your post I may have stalled and waited till next week so thank you for that!

When you saying you got the application in today do you mean you booked an appointment or do you mean it’s all sorted? Did you pay the early redemption fee today as well?

ChemistDude

kazzyb123 said:

ChemistDude said:

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.

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.

 

Just want to say a huge THANK YOU! I already had an urgent session with my broker booked for today as I was concerned about what's happening with rates. Our 5 year fix at 2.25% ends June 2023 and we managed to get an application in today with NatWest today for a 5 year fix at 3.8%. Had I not seen your post I may have stalled and waited till next week so thank you for that!

How did you manage that? My broker on Friday said there was nothing he could do without going through the whole affordability checks again even though I knew exactly what we wanted to do. Ours renews July and I made an appointment for a zoom call with NatWest in 6 weeks! It’s already gone up £43 since Friday.
is my broker able to sort it for me in one day

So on Wed/Thurs I started panicking about what the rates could be like next year and arranged a call with my broker for Sunday to see what we could do (our current fix ends June 2023). He asked me to get all my paperwork in order and so I had scanned and pdf’d everything and put in Dropbox.

The OP of this thread then alerted us all that NatWest was upping their rates but computer systems hadn’t been updated yet, and so during the call with the broker Sunday afternoon, they checked my affordability etc and proceeded with the application there and then so we could lock in and secure the rate at 3.8%. It would have been 5.1% if we had waited 1 more day!

To give you an idea, I probably spoke to my broker for less than 2 hours tops as I had scanned and saved everything off (ID/payslips/statements/checkmyfile report etc) and produced a spreadsheet with salary/income information, details of all my mortgages/loans, a soft debt to income calculation, etc so make it as simple and straightforward as possible.

ChemistDude

kazzyb123 said:

ChemistDude said:

UK_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.

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.

 

Just want to say a huge THANK YOU! I already had an urgent session with my broker booked for today as I was concerned about what's happening with rates. Our 5 year fix at 2.25% ends June 2023 and we managed to get an application in today with NatWest today for a 5 year fix at 3.8%. Had I not seen your post I may have stalled and waited till next week so thank you for that!

When you saying you got the application in today do you mean you booked an appointment or do you mean it’s all sorted? Did you pay the early redemption fee today as well?

No we are merely at the application submitted stage. From what I understand, when you apply, you secure the rate - so even if they subsequently change the rate for the product later for new applications, my rate is secured.

Due to urgency using a broker was the best situation for me and they know what all the lenders criteria is/how likely it is they will accept an application for given circumstances. As you say, trying to do it yourself you end up with an appointment weeks away (and the rates keep moving higher) and  so in this climate we really need to be applying fast and securing the rate immediately.

Re: redemption fee - way too early for that I think. I presume that would only be payable once we receive a formal mortgage offer and even then, it would be at the point we actually pay off the old mortgage we are replacing.

thriftypatos

ChemistDude said:

kazzyb123 said:

ChemistDude said:

UK_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.

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.

 

Just want to say a huge THANK YOU! I already had an urgent session with my broker booked for today as I was concerned about what's happening with rates. Our 5 year fix at 2.25% ends June 2023 and we managed to get an application in today with NatWest today for a 5 year fix at 3.8%. Had I not seen your post I may have stalled and waited till next week so thank you for that!

When you saying you got the application in today do you mean you booked an appointment or do you mean it’s all sorted? Did you pay the early redemption fee today as well?

No we are merely at the application submitted stage. From what I understand, when you apply, you secure the rate - so even if they subsequently change the rate for the product later for new applications, my rate is secured.

Due to urgency using a broker was the best situation for me and they know what all the lenders criteria is/how likely it is they will accept an application for given circumstances. As you say, trying to do it yourself you end up with an appointment weeks away (and the rates keep moving higher) and  so in this climate we really need to be applying fast and securing the rate immediately.

Exactly this.

Paid broker a chunky sum to come in on Sunday and submit my application for me.

So likewise massive thanks to the OP. 

Hallion

Emptychangejar said:

I did an online only application for a new customer remortgage with NatWest yesterday and at the point of submitting my application, the email confirmation says “The rate you've chosen won't change, as long as you return all documents and information within 28 days”

Yes, I received the same email once I submitted my mortgage application online on Sunday. Let's hope the rate has been reserved. 

PK_London

Good luck to all of you! Please do let us know if you managed to secure those low rates after all!