What kind of mortgage lender is NatWest?
NatWest, one of the biggest mortgage lenders in the UK, is part of the NatWest Group (formerly called the Royal Bank of Scotland Group). The group incorporates NatWest, RBS and Ulster Bank. NatWest is around 52% owned by the government after it was bailed out during the 2008 credit crunch.
NatWest announced the closure of a further 21 branches at the start of 2022, in response to many of its customers moving towards mobile and online banking. It has a fleet of mobile branches which visit specific locations for up to six days a week in areas without branches.
What mortgage deals does NatWest offer?
NatWest offers a range of deals to different types of borrowers, including first time buyers, home movers, and remortgagers.
Mortgage deals available include fixed-rates, tracker mortgages, offset, interest-only and buy-to-let deals. NatWest also offers low-deposit (high loan-to-value (LTV)) mortgages, which can be ideal for first-time buyers. However, it does not offer Shared Ownership mortgages.
How long does a mortgage application take at NatWest?
At NatWest, it takes an average of 16 days to process an application, according to the most recent data from online mortgage broker, Trussle. This is four days faster than the 20-day average across the lenders, as measured by the broker.
However, the actual time will depend heavily on your own circumstances.
How much can I borrow from NatWest?
You may be able to borrow up to five times your annual income. But, again, this depends on how you meet the lender’s requirements. Factors such as your age, credit history, debts and regular outgoings will also be taken into consideration.
You can get an idea of how much you may be able to borrow with NatWest by using Trussle’s affordability calculator. If you fail to keep up with repayments on your mortgage, your home may be repossessed.
How do I get a mortgage from NatWest?
If you’re thinking about applying for a NatWest home loan, you can do it either directly from the bank, or via a mortgage broker. If you use a broker, you can be reassured that a recommended deal from NatWest is what they consider to be the best course of action.
You’ll need to get a ‘mortgage in principle’ from the broker or lender first, which shows you how much you may be able to borrow.
After this, you can complete a full application. If this is approved, you will get your mortgage offer.
A broker can help improve your chances of success by ensuring your application presents the right details in a format required by the lender.
If you are a first time buyer (or purchasing a new-build property), your mortgage offer from NatWest will last for six months – meaning you will need to complete your purchase within this time.
If you’re remortgaging or moving to a new home, your offer will be valid for three months.
Will I need a good credit score for a NatWest mortgage?
Getting the green light for a NatWest home loan will depend on your having a strong credit score. And, while the bank will consider applications on a case by case basis, if you have a poor credit history you are likely to be turned down.
What’s the customer service like at NatWest?
NatWest scores 55% for ‘consumer happiness’ with independent data provider, Fairer Finance, and 47% for ‘consumer trust’ (as of February 2022). It rates highly with a score of nearly 80% for the way it handles complaints but its ‘transparency rating’ is relatively low at 52%.
Overall, the lender gets a ‘customer experience rating’ of 58%. To put this in context, the very highest scoring lenders with Fairer Finance receive an overall score of 70% or more.
Do I need buildings insurance with a NatWest mortgage?
When taking out a home loan with NatWest, you must take out buildings insurance for the full term of your mortgage. However, the bank cannot insist that you take one of its policies. The best approach is to shop around and buy your cover from the provider offering the best deal for your needs.
You might also want to consider life insurance and contents insurance, though neither of these products is required as a condition of the mortgage. Contents insurance is often sold in combination with buildings insurance.
Should I get a mortgage from NatWest?
NatWest is an established lender with a reputation for offering decent mortgage rates, as well as potentially generous income multiples.
As with any lender, you will need to take into account any mortgage-related fees. While fee-free products are available, these are likely to come with higher mortgage rates.
Before choosing a NatWest mortgage, it’s important to compare deals from across the market to ensure you’re getting the right deal for your circumstances and preferences.
