Natwest product transfer rates for existing customers?

raven6323

My fixed-term deal with Natwest ends on June 30th. My broker encouraged me to apply with another lender asap to ensure I had an affordable offer available to me, in case rates rise.

They submitted an application to Nationwide for a 2 year fixed term deal at 4.34%. I was under the impression that all Nationwide products offered free legals OR £500. My broker said they advise their clients to go for the latter, as they can then use the cashback money to instruct a convenyancer directly (for speedier processing and better communication). 

I was therefore surprised to hear today that I would be receiving free legals via Enact.  This wasn't flagged up to me at the time.. My broker said that the product I went for didn't include cashback, but having looked at their website, all Nationwide products offer both!?

In short, this is now becoming more of a faff than I anticipated. Perhaps I was being naive, but wanted to avoid having to liaise with conveyancers myself. I'm also conscious that as my flat is leasehold (with share of freehold) I may incur additional costs not covered by free legals. 

I'd like to know what the current product transfer rates are for existing Natwest customers. I can't see them on my app as I'm not in the four month window yet. My LTV is 38%. I know switch rates are obviously subject to change, but if they're comparable to what Nationwide are currently offering me as a new customer, I'm inclined to stall the process and wait until I'm eligible to switch in February. I won't withdraw my application/offer until I know I can get a better or equivalent deal staying where I am!

On-the-coast

I’m mortgage free now - but in the past I would never have paid out money for legal work with a new lender before checking what my existing lender offered.  I realise that this is what you’re now checking but it does sound as though you’ve gone a long way down the path of changing lender. 

Anyway back to your question - doesn’t NatWest make it (rates for current borrowers) clear on their website? Most other lenders do. Obviously those rates may change once you’re in the switch window.   

If not on their website I’d recommend you ask them directly. 

raven6323

On-the-coast said:

I’m mortgage free now - but in the past I would never have paid out money for legal work with a new lender before checking what my existing lender offered.  I realise that this is what you’re now checking but it does sound as though you’ve gone a long way down the path of changing lender. 

Anyway back to your question - doesn’t NatWest make it (rates for current borrowers) clear on their website? Most other lenders do. Obviously those rates may change once you’re in the switch window.   

If not on their website I’d recommend you ask them directly. 

I haven’t paid anything for legals and haven’t received an offer yet, so I’m not committed to changing lenders. I did ask my broker from the outset if I should wait until I can see my switch rates in late Feb, but they recommended I apply elsewhere in the interim for an affordable product, just in case rates rise before February. I’ve been told I can withdraw from the application/decline the offer if Natwest’s rates are comparable. 

Natwest used to post existing customer rates online but no longer do so. I was just wondering whether anyone in their switch window could let me know what deals are currently on offer.