NatWest

NatWest can trace its beginnings back to the 1650s. In 1968 National Provincial Bank merged with Westminster Bank to form National Westminster Bank. In March 2000, The Royal Bank of Scotland Group acquired NatWest in a £21 billion deal. NatWest is now part of a financial services group, the second largest bank by market capitalisation in the UK and in Europe and ranks fifth worldwide.

NatWest has the following types of mortgage:

• Offset Flexible
• NatWest One
• Discounted Variable Rate
• Fixed Rate
• 100% Mortgage

Offset Flexible: your mortgage will be offset against your current and up to 3 savings accounts, and your rate will be set at a variable rate for your mortgage life'.

• There is an arrangement fee
• You can make overpayments and subsequently make underpayments and even take payment holidays
• There is no early repayment charge

NatWest One: you combine all of your banking into one account. This means that you use the same account to borrow and to save. Your interest rate will depend on the amount you want to borrow compared to how much the property will cost.

• There is no early repayment charge

Discounted Variable Rate: your initial rate is discounted off NatWest's standard variable rate for an agreed period. NatWest has discount mortgages for 1 and 2 years. Your interest rate will also depend on the amount you want to borrow compared to how much the property will cost. After the discount rate period your mortgage converts to NatWest's standard variable rate.

• An early repayment charge applies
• You can repay up to 10% of your mortgage annually without incurring an early repayment charge
• An arrangement fee is payable

Fixed Rate: your starting rate is fixed for an agreed period. NatWest has fixed rate mortgages for 2, 3 and 5 years. Your interest rate will also depend on the amount you want to borrow compared to how much the property will cost. After the fixed rate period your mortgage goes back to NatWest's standard variable rate.

• An early repayment charge applies
• An arrangement fee is payable

100% Mortgage: you can apply for a mortgage of up to £175,000 without the need to raise money for a deposit. You can choose from a fixed or discount rate. You can switch to another mortgage product if your LTV falls to 95% or less. Your rate will convert to NatWest's standard variable rate after the agreed period is over.

• An early repayment charge applies
• An reservation fee is payable

NatWest also offers the following mortgages:

• Advantage Mortgage
• Re-mortgage Deals

Advantage Mortgages: these have all the features of the fixed and discount mortgages but at better rates as borrowers are proven NatWest customers. After the agreed period has finished your rate will convert to NatWest's standard variable rate.

• Early repayment charges apply except on re-mortgage and advantage premier discount products
• Fees may apply

Re-mortgages: you can choose from fixed or discounted products. After the deal period has finished your rate will go back to NatWest's standard variable rate.

• NatWest will pay your valuation and legal fees if you switch and re-mortgage with them

NatWest also offers Buy to Let mortgages for investment purposes: you can select either fixed, variable or tracker products, and you can purchase up to a maximum of 5 properties in addition to your main property.

Fixed: your starting rate will be fixed for 2 or 5 years. It will then convert to NatWest's Buy to Let standard variable rate.

• Early repayment charges apply

Variable: your rate will be set at NatWest's Buy to Let standard variable rate for the entire mortgage term.

• There is no early repayment charge

Tracker: your rate is set above the NatWest Bank Base Rate for a 2 year period. Your rate then goes back to NatWest's Buy to Let standard variable rate.

• An early repayment charge applies
• There is also a lifetime tracker product which is set for the entire mortgage, and it does not have an early repayment charge
• An arrangement fee applies

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