Mortgage Interest Rate Changes - Be Prepared | Natwest

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Step by step guide on what you could do now

Your home may be repossessed if you do
not keep up repayments on your mortgage

What can you do next?

Check your mortgage type

Start by checking what type of mortgage you have, as this will determine whether a change to interest rates may impact you.


Fixed rate mortgage
This is a mortgage where your interest rate remains the same (fixed) for a set period of time.  During the fixed period, no matter what happens to rates generally, the interest rate on your mortgage will stay the same and your payments will not change.  However, after the term of the product comes to an end, the rate will revert to our Standard Variable Rate.


Standard Variable Rate (SVR) mortgage
Our Standard Variable Rate is the interest rate we charge once your fixed or tracker deal comes to an end.  It's a variable rate so it can go up or down at any time.  When varying the rate, we consider a variety of factors.  If you are on our SVR, you are always free to choose a new fixed or tracker deal if you wish, however certain eligibility criteria will apply.


Tracker mortgage
Your interest rate goes up or down in line with the NatWest Bank base rate.  This rate is a variable rate so it can go up or down at any time.  When varying the rate, we consider a variety of factors.   After the term of the product comes to an end, the rate will revert to our Standard Variable Rate (SVR).

After you have had a tracker rate for more than 3 months you have the track and switch option available to you if you wish. This means you have the option to move to a new fixed rate product without incurring an early repayment charge.

Find out how an interest rate change affects you

Take a look at what the changes would mean to your mortgage rate and your monthly payments. 

Use our mortgage rate calculator to work these figures out:


Mortgage rate calculator

See how much you can afford

A budget will show what money you have coming, what money is going out, and most importantly, how much you will have left at the end - our handy budget calculator can help you with this:


Budget Calculator

Consider a new deal

If you are considering a new mortgage deal and would like to view our current rates, you can view them online: 


  • If your mortgage was taken out before 2004, or if you don't have a mortgage with us right now, take a look in our mortgage section.

Think about overpaying

If you find that you have extra money, it might be worth seeing if you can make overpayments towards your mortgage. You can do this in a lump sum, or just by increasing the monthly payments.


Overpaying £100 a month on a £120,000, 25-year mortgage charging 4% will save you £15,000 in interest payments. It will also shave five years from your mortgage, clearing it in just 20 years. Doing this before rates rise means you have a smaller mortgage to be charged interest on so you could pay less overall.


Find out first if there are any restrictions to the amount that can be paid or whether you will incur an Early Repayment Charge. Also if you're deciding to end your deal while you’re within the deal period you may incur an Early Repayment Charge. Details of any Early Repayment Charge specific to your mortgage will be explained in your Mortgage Offer Document.


Once you know the specifics around your mortgage, use our Overpayment Calculator to see if you could pay off your mortgage quicker and save interest.


Overpayment Calculator

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