Martin Lewis' MSE issues warning to NatWest customers who are paying off mortgage

James Rodger
·2-min read
The bank account holders at the high street finance provider and banking giant have been warned by NatWest.
-Credit: (Image: Reach Publishing Services Limited)


NatWest customers now have LESS time to lock in mortgages - with a six-month period now reduced to four months. The bank account holders at the high street finance provider and banking giant have been warned by NatWest.

ITV and BBC star Martin Lewis' team at Money Saving Expert warned: "NatWest is the latest major lender to reduce the amount of time its mortgage customers have to lock in a new rate ahead of their current deal ending, joining five other high street banks. The changes mean you've less time to insure yourself against rates rising before your existing mortgage comes to an end."

It comes a week after NatWest became the latest bank to hike mortgage rates, the sixth major lender this week to announce fixed home loan prices are going up. NatWest is pushing its fixed rates up by up to 0.35 percentage points from tomorrow.

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The move could see some of the lowest fixed rate deals disappear from the market with almost all sub 4 per cent deals now gone. NatWest is currently offering a five-year fixed rate of 3.84 per cent with a £1,495 fee for home movers buying with at least a 40 per cent deposit and 3.92 per cent for people remortgaging.

NatWest's lowest two-year fix is also currently 3.99 per cent - that is also likely to go up from tomorrow. Justin Moy, managing director at Chelmsford-based EHF Mortgages told the news agency Newspage: "Several lenders made their move yesterday, and NatWest was the last one standing on price.

"These significant increases of up to 0.35 per cent will hurt borrowers' pockets, as swap rates spiral off the recent uncertainty. A falling base rate doesn't mean that mortgage rates always follow suit; it's quite the reverse at the moment, and the outlook doesn't have a lot of festive cheer either."

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