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NatWest updates mortgage range

12 September 2006
NatWest has unveiled a new range of mortgage products, which the bank claims offers customer increased choice and flexibility.

The most prominent change is the new 'switch' facility which allows borrowers to take either a discount or tracker rate, with the option to switch to a fixed deal at a later date without incurring a penalty charge.

Usually customers are charged a full early repayment charge (ERC) as the lender treats the product transfer as terminating one contract early, and then taking out a new, separate deal.

Guy Aldwinckle, the head of NatWest Mortgages, said that his company "is committed to focusing on the individual needs of all our customers".

"This new look NatWest mortgage range is designed to approach mortgages another way, and make it simpler for customers to choose the right deal for them by introducing the new features such as a choice of fee-saving or low rate deals and the switching facility," he added.

The fee-saving deal involves free legal fees for a remortgage product, but this typically involves taking a higher interest rate to offset the money saved upfront.

Customers are always advised to compare products with different providers, and to seek independent advice where appropriate.

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