NatWest Fixed rate

superM

Hi, 

My NatWest Fixed rate ends 'end of March 2024'. I have logged in and it shows 2 years fixed rate at 6.05%. 

If I fixed now I am right in saying the fixed won't started until the current deal epires end of March 2024? 

Also what happens if the interest goes down after I apply the fix.  Can I change it to the lower rate? 

Thanks

ak_83

If you agree on a new rate on another fixed term product then that rate won't start until your current product ends. If you wanted the new rate to start any earlier, you would have to exit the current product which would trigger an early exit fee which is usually very high and only worth paying if the new rate was significantly lower than your current rate. 

If you're sticking with the same lender, then you may be able to cancel the new product even just a few days before it was due to start. If you find a better product with existing lender, then yes that shouldn't be hard to switch to.

But if the lower rate product is with a different lender, then you will need to undergo property valuation, affordability checks, etc as part of a fresh application. 

35har1old

superM said:

Hi, 

My NatWest Fixed rate ends 'end of March 2024'. I have logged in and it shows 2 years fixed rate at 6.05%. 

If I fixed now I am right in saying the fixed won't started until the current deal epires end of March 2024? 

Also what happens if the interest goes down after I apply the fix.  Can I change it to the lower rate? 

Thanks

Why are Natwest offering to fix so far in advance 

35har1old

ak_83 said:

If you agree on a new rate on another fixed term product then that rate won't start until your current product ends. If you wanted the new rate to start any earlier, you would have to exit the current product which would trigger an early exit fee which is usually very high and only worth paying if the new rate was significantly lower than your current rate. 

If you're sticking with the same lender, then you may be able to cancel the new product even just a few days before it was due to start. If you find a better product with existing lender, then yes that shouldn't be hard to switch to.

But if the lower rate product is with a different lender, then you will need to undergo property valuation, affordability checks, etc as part of a fresh application. 

Ddddddddddd

fergie_

Natwest allow you to 'book' a product transfer up to 6 months in advance and then you can change it as often as you want (by cancelling the previous booking) and selecting another transfer deal that is available at the time.

https://www.intermediary.natwest.com/ Existing customers shows what a broker can select, but going direct I don't believe the low fee options are available (only fee free or full fee). You may also want to check with NW if the fees are refundable each time you change before the existing mortgage ends.

llewdiskram

Yes as the comment above, you can lock in your new deal 6 months before, but you can also change this for a lower deal if it becomes available at any time before the new deal takes effect.

Another good thing with Natwest is that you can overpay by 20% each year (if you are able to I should add).

I have to admit 6.05 does seem quite high, however you can change or cancel the deal before it starts in April 24