NatWest mortgage review
Our detailed review of NatWest mortgages. Find out how much you could borrow, compare deals and more
Quick stats
7-day submission time
That's 9 days faster than the average of 25 lenders we measured.
Borrow 4.85x your income
You could borrow up to this amount if you meet the lender's requirements.
About NatWest
Founded in 1968, National Westminster Bank (NatWest) is one of the UK’s largest mortgage lenders and is a subsidiary of The Royal Bank of Scotland Group.
In 2017, NatWest was awarded Best Banking App in the British Bank Awards. (1) It's also the first UK bank to offer a paperless mortgage. (2)
NatWest mortgage deals are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.
We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed, and affordability.
In this review we'll cover:
Is NatWest a good mortgage lender?
There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.
NatWest is part of The Royal Bank of Scotland Group, so we looked at the Group’s customer complaints record between July and December 2018. During this period the Financial Conduct Authority (the financial regulator) received 1,310 officially upheld complaints from Royal Bank of Scotland Group’s mortgage customers, including NatWest customers. (3) That’s around 0.09% of customers and is lower than the 0.4% average across major lenders.*
*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.
How long does a NatWest mortgage application take?
During the last six months, the average speed that NatWest processed a Trussle customer’s successful mortgage application was 7 days.* That’s quicker than the 16-day average across all the lenders we’ve submitted applications to.
Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.
These details were last updated on 8th August 2019.
How much could I afford to borrow from NatWest?
How much you can get for a mortgage will vary. But NatWest could lend up to a maximum of 4.85 times income before tax, depending on your circumstances.
These details were last updated on 8th August 2019.
NatWest mortgage calculator
Calculate how much you may be able to borrow with a mortgage from Natwest. Calculate your monthly Natwest mortgage repayments.
How much can I borrow?
Mortgage repayment calculator
You could borrow up to:
Your home could be repossessed if you don't keep up repayments on your mortgage.
Talk to a mortgage broker or lender to get a more accurate remortgage savings amount.
NatWest's lowest mortgage rates
NatWest mortgage rates will vary depending on the type of mortgage you’re recommended.
The following NatWest mortgage rates are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.
Lowest 2 year fixed rate
1.74%
Initial rate
3.90%
Annual Percentage Rate of Charge (APRC)
Details
Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 26 month period, costing £962.63 per month for 274 months. Total amount payable is £284,206.06 including interest and fees. True cost based on a 24 month period. This deal is semi-exclusive to Trussle. This deal was last updated on 1st March 2019.
Lowest 5 year fixed rate
2.17%
Initial rate
3.50%
Annual Percentage Rate of Charge (APRC)
Details
Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 62 month period, costing £943.47 per month for 238 months. Total amount payable is £274,230.94 including interest and fees. True cost based on a 60 month period. This deal is semi-exclusive to Trussle. This deal was last updated on 1st March 2019.
Standard Variable Rate
4.24%
Standard Variable Rate (SVR)
Details
This rate was last updated on 1st March 2019.
NatWest's best mortgage deals
The following NatWest mortgage deals are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.
We’ve searched for the most competitive deals according to true-cost. This includes capital and interest repayments, fees, and incentives due over the initial period of the deal, and is a more effective way of comparing deals than looking for the lowest interest rate deal.
First-time buyer
£18,701.56
True cost over initial period
£746.94
Monthly payment
Details
Includes £1,025 upfront fee. 1.74% initial rate reverts to 4.24% SVR after initial 26 month period, costing £962.63 per month for 274 months. Total amount payable is £284,206.06 including interest and fees. That’s a 3.90% APRC. True cost based on a 24 month period. This deal is semi-exclusive to Trussle. This deal was last updated on 1st March 2019.
Remortgage
£18,785.08
True cost over initial period
£750.42
Monthly payment
Details
Includes £1,025 upfront fee. 1.78% initial rate reverts to 4.24% SVR after initial 26 month period, costing £962.99 per month for 274 months. Total amount payable is £284,395.18 including interest and fees. That’s a 3.90% APRC. True cost based on a 24 month period. This deal is semi-exclusive to Trussle. This deal was last updated on 1st March 2019.
Frequently asked questions (FAQs)
This information was last updated on 29th May 2019.
What’s a NatWest Mortgage in Principle?
The first step of the application process it to get a Mortgage in Principle (otherwise known as a Decision in Principle or Agreement in Principle). Having one shows that, in principle, you’ve got the financial means to buy a property up to a certain value.
Trussle can provide you with a free Mortgage in Principle quickly.
How long does it take to get a NatWest mortgage offer after the valuation?
After you’ve paid the valuation fee, NatWest will arrange for the valuer to contact the seller (usually within 48 hours) in order to arrange a suitable date and time to carry out the valuation.
NatWest typically receive valuations back within five working days of them being carried out. Providing they’re happy with its details, they’ll produce a mortgage offer within 48 hours.
How long does a NatWest mortgage offer last?
This varies depending on your circumstances. If you’re a first-time buyer or if you’re buying a new-build home, NatWest will require you to complete your property purchase within six months. If you’re remortgaging or moving to a home that isn’t a new-build, the offer will be valid for three months.
How long does it take NatWest to release mortgage funds?
Your mortgage funds should be released on the completion date. Once you’ve confirmed a completion date with your solicitor and the seller of your chosen property, it’s up to your solicitor to inform NatWest.
NatWest will then arrange to release the funds on that date, meaning that there shouldn’t be any delays moving in.
Will NatWest release funds on the completion date?
Yes. Once you’ve confirmed a completion date with your solicitor and the seller of your chosen property, it’s up to your solicitor to inform NatWest.
NatWest will then arrange to release the funds on that date, meaning that there shouldn’t be any delays moving in.
How soon after completing will NatWest expect my first payment?
NatWest doesn’t have a standard first payment date. Instead, they’ll include the key information about your first payment (including when it needs to be paid, and how much it will be) in your welcome letter. You can request to change your first payment date by calling the NatWest team.
Does NatWest have overpayment restrictions?
Yes, depending on the mortgage rate you’re on.
Anyone on a tracker or fixed-rate mortgage will be able to pay off 10% of their outstanding balance in any given year without incurring an Early Repayment Charge. Anyone on a Standard Variable Rate (SVR) mortgage can overpay as much as they like.
If you’re considering a NatWest mortgage, check the terms to see what your limit is.
What will happen when my NatWest mortgage deal ends?
You’ll need to switch over to a new mortgage. NatWest will write to you and let you know what your options are.
You might be able to get a new fixed rate deal with more favourable terms than drifting onto NatWest’s Standard Variable Rate (SVR).
Does NatWest require that I get life insurance, buildings insurance, or contents insurance?
NatWest only requires buildings insurance, which you’ll need for the full term of your mortgage. Buildings insurance covers repairs to your property’s structure, as well as any fixtures and fittings. Many mortgage providers require this level of protection.
Whether you choose to get life insurance or contents insurance as well is up to you.
Will I be able to manage my NatWest mortgage online?
Yes, once you’ve registered for internet banking and logged in. After that’s done, you’ll be able to:
manage and plan overpayments
amend your payment details
manage your direct debit
switch rates, if there’s one available to you
view your balance
see your monthly payments
Can I borrow more on my NatWest mortgage?
With NatWest, you could borrow up to 90% of the value of your home if you meet their criteria. NatWest might also be able to help you with additional borrowing for other purposes, but you’ll need to speak with them directly first.
Can I change my NatWest mortgage to interest only?
With an interest only mortgage, your monthly payments only cover the loan’s interest. You’ll still have to pay back the full amount when it expires.
It is possible to switch to an interest only mortgage, but there are a number of things to consider first. And you’ll need to demonstrate that you have a viable strategy in place for paying off the balance when your mortgage deal ends. This is known as a repayment vehicle.
Do NatWest do mortgage holidays?
Your eligibility for a payment holiday with NatWest will depend on the T&Cs of your mortgage. To discuss payment holidays in more detail, get in touch with NatWest - an adviser will listen and talk you through the options available.
Do NatWest do shared ownership mortgages?
No, NatWest doesn’t currently offer shared ownership mortgages.
Did NatWest charge PPI on mortgages?
Yes they did, but concerns over its mis-selling have led to major changes in the way Payment Protection Insurance, or PPI, can be sold. You’ll now not receive PPI unless you specifically agree to it.
PPI is designed to cover loan repayments if you’re unable to make them because of unemployment, accident, or sickness. It also applies to credit cards and other forms of loan.
How do I contact NatWest?
If you want to speak with a Natwest mortgage adviser, you can do so on 0800 096 9527. Their lines are open Mon-Fri 8am-8pm, Sat 9am-4pm and Sun 9am-4pm, excluding public holidays. Alternatively you can visit your local NatWest branch.
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Your home could be repossessed if you don't keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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Sources
Deal and rate data was sourced by Trussle. All other information was sourced from NatWest’s own website, unless referenced below.