NatWest Mortgage Product Transfer

george4064

My mortgage with NatWest is coming to the end of its fix at the end of this year, I’ve already applied with NatWest for a product transfer and am waiting to hear back from NatWest with the paperwork.

How far should I proceed with this application if I want to keep my options over which fix deal to proceed with? I’ve read a lot in the news that you can hold onto a mortgage offer and switch to a better deal before your current fix expires, and I don’t want to mess this up.

As you might’ve realised, this my first time re-fixing a mortgage. Any help is greatly appreciated.

JMA74

if you are happy to decide between the 2 and 5 year options now then you can submit the full request, secure that rate, and then cancel it at a later date either by taking a new deal with Natwest or by moving elsewhere.  

Just for the record, have you explored the whole of the market for options on remortgages?  Natwest arent terribly competitive just now

george4064

JMA74 said:

if you are happy to decide between the 2 and 5 year options now then you can submit the full request, secure that rate, and then cancel it at a later date either by taking a new deal with Natwest or by moving elsewhere.  

Just for the record, have you explored the whole of the market for options on remortgages?  Natwest arent terribly competitive just now

Thanks.

I would like to consider other lenders, but my broker tells me it's not possible to do because my mortgage is split into 3 parts, parts 2 & 3 come to the end of their fix end of this year and part 1 in November 2026.

Not sure if its relevant, but my mortgage is part IO and part repayment.

From what I understand, it is possible but it's a pain to sort as the new lender would be getting a 2nd charge on the property after NatWest?

Interested to hear your thoughts.

fergie_

JMA74 said:

Just for the record, have you explored the whole of the market for options on remortgages?  Natwest arent terribly competitive just now

A lot of people may find that isn't an option as affordability is now based on the new rates being stress tested - not what the original loan was based on.

The other issue is that we could also find that banks start devaluing houses - again affecting what mortgages people can get elsewhere.

JMA74

george4064 said:

JMA74 said:

if you are happy to decide between the 2 and 5 year options now then you can submit the full request, secure that rate, and then cancel it at a later date either by taking a new deal with Natwest or by moving elsewhere.  

Just for the record, have you explored the whole of the market for options on remortgages?  Natwest arent terribly competitive just now

Thanks.

I would like to consider other lenders, but my broker tells me it's not possible to do because my mortgage is split into 3 parts, parts 2 & 3 come to the end of their fix end of this year and part 1 in November 2026.

Not sure if its relevant, but my mortgage is part IO and part repayment.

From what I understand, it is possible but it's a pain to sort as the new lender would be getting a 2nd charge on the property after NatWest?

Interested to hear your thoughts.

yeah you are sticking with natwest in that case.  Try get the dates aligned as best you can so that you can try review all lenders at some point in future.  

Sounds like you have a good broker looking after you though and they have all your details so i defer to their advice