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Do I always need life insurance?
Do I always need life insurance?
Life insurance is not always mandatory when taking out a mortgage. However, having the right protection in place gives you and your family peace of mind knowing that financial help will be available if you are no longer able to provide that security. Don't forget that as well as covering any mortgage borrowing you may also wish to make provisions for ongoing household costs. In addition many policies offer optional critical illness cover which can cover events such as heart attacks and long term illness. Find out more about life insurance.
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What is a fixed rate mortgage?
What is a fixed rate mortgage?
It's a mortgage where the rate of interest you pay is fixed for an agreed term. So you always know how much your mortgage payments will be during that term even if interest rates go up or down. At the end of the fixed rate term you'll usually revert to the Standard Variable Rate.
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What is a tracker mortgage?
What is a tracker mortgage?
With this type of mortgage the rate of interest you pay is normally the NatWest Bank base rate plus a set percentage. If the base rate rises or falls, so will your monthly mortgage payments. Tracker rate mortgages usually have a minimum interest rate. At the end of the tracker term you'll usually revert to the Standard Variable Rate.
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What does APR mean?
What does APR mean?
APR stands for Annual Percentage Rate. It is there to help you compare the cost of different mortgage deals. It takes into account the amount of interest you will pay, the term of the mortgage and certain other charges, such as product and valuation fee.
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Can I get a mortgage offer before I find my property?
Can I get a mortgage offer before I find my property?
You can choose the mortgage that suits you best and get an 'agreement in principle' from a lender. However, your lender won't make a formal mortgage offer until a valuation has been carried out on the property you wish to buy or remortgage.
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What does Bank of England base rate mean?
What does Bank of England base rate mean?
The official bank rate (also called the Bank of England base rate or BOEBR) is the interest rate that the Bank of England charges banks for secured overnight lending. It is the Government's key interest rate for managing monetary policy.
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Do I always need life insurance?
Do I always need life insurance?
Life insurance is not always mandatory when taking out a mortgage. However, having the right protection in place gives you and your family peace of mind knowing that financial help will be available if you are no longer able to provide that security. Don't forget that as well as covering any mortgage borrowing you may also wish to make provisions for ongoing household costs. In addition many policies offer optional critical illness cover which can cover events such as heart attacks and long term illness. Find out more about life insurance.
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What is a fixed rate mortgage?
What is a fixed rate mortgage?
It's a mortgage where the rate of interest you pay is fixed for an agreed term. So you always know how much your mortgage payments will be during that term even if interest rates go up or down. At the end of the fixed rate term you'll usually revert to the Standard Variable Rate.
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What is a tracker mortgage?
What is a tracker mortgage?
With this type of mortgage the rate of interest you pay is normally the NatWest Bank base rate plus a set percentage. If the base rate rises or falls, so will your monthly mortgage payments. Tracker rate mortgages usually have a minimum interest rate. At the end of the tracker term you'll usually revert to the Standard Variable Rate.
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What does APR mean?
What does APR mean?
APR stands for Annual Percentage Rate. It is there to help you compare the cost of different mortgage deals. It takes into account the amount of interest you will pay, the term of the mortgage and certain other charges, such as product and valuation fee.
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Can I get a mortgage offer before I find my property?
Can I get a mortgage offer before I find my property?
You can choose the mortgage that suits you best and get an 'agreement in principle' from a lender. However, your lender won't make a formal mortgage offer until a valuation has been carried out on the property you wish to buy or remortgage.
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What does Bank of England base rate mean?
What does Bank of England base rate mean?
The official bank rate (also called the Bank of England base rate or BOEBR) is the interest rate that the Bank of England charges banks for secured overnight lending. It is the Government's key interest rate for managing monetary policy.
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How do I change the account my mortgage comes from?
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How do I check my mortgage Balance?
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How do I make a payment to my mortgage?
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How do I order a certificate of interest for my mortgage?
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How do I make an overpayment?
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How much can I overpay on my mortgage?
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How can I pay my mortgage off in full ?
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How do I change the account my mortgage comes from?
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How long will it take before the overpayment is applied?
Call 0345 30 20 190
Opening hours:
Mon-Fri 8am-8pm, Sat 9am-4pm, Sun 9am-4pm.
Excluding public holidays.
Calls may be recorded.
Customers with hearing and speech impairments can contact us by using
Minicom number 0800 027 1396
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How do I change the account my mortgage comes from?
-
How do I check my mortgage Balance?
-
How do I make a payment to my mortgage?
-
How do I order a certificate of interest for my mortgage?
-
How do I make an overpayment?
-
How much can I overpay on my mortgage?
-
How can I pay my mortgage off in full ?
-
How do I change the account my mortgage comes from?
-
How long will it take before the overpayment is applied?
Call 0345 30 20 190
Opening hours:
Mon-Fri 8am-8pm, Sat 9am-4pm, Sun 9am-4pm.
Excluding public holidays.
Calls may be recorded.
Customers with hearing and speech impairments can contact us by using
Minicom number 0800 027 1396
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What if I am having trouble paying my mortgage?
What if I am having trouble paying my mortgage?
We understand worrying about paying your mortgage either now or in the future can cause a great deal of stress, but it’s important to talk to us now, so please do get in touch.
You will find our contact details and lots of helpful information on our dedicated ‘Trouble paying your mortgage’ page. -
What happens when my deal comes to an end?
What happens when my deal comes to an end?
We'll normally write to you around three months before your mortgage deal ends. We'll remind you of your existing deal end date and explain how to go about finding a new deal.
If you do not take any further action to renew deal, you will simply revert to our Standard Variable Rate.
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How do I arrange a new mortgage deal?
How do I arrange a new mortgage deal?
All the information you need to help you determine whether you are eligible to change to a new mortgage deal and how to go about doing this is available on our Switching to a new NatWest mortgage deal page.
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What is a Higher Lending Charge (HLC)?
What is a Higher Lending Charge (HLC)?
The Higher Lending Charge is a fee that reflects the increased risk to the lender when the loan is a large percentage of the value of the property. (The lender may agree that you can add the Higher Lending Charge to your mortgage, although this means that you will pay interest on it). For NatWest, the Higher Lending Charge rate is only applicable for loans over 90.01% Loan to Value (LTV). We will discuss this with you as part of the mortgage appointment if applicable.
An HLC is not applicable to NewBuy mortgages.
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Can I move home and keep my current mortgage?
Can I move home and keep my current mortgage?
Most of our products are portable and no Early Repayment Charge (ERC) is applicable, if you have the same borrowing amount or more. To port your mortgage you will need to have a valuation for the new property, meet our credit criteria and port within three months of this.
Moving your mortgage is subject to conditions, please speak to us for further help.
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Why is the new rate you're offering different to my previous rate?
Why is the new rate you're offering different to my previous rate?
The rates we offer are related to the Bank of England base rate and interest rates in general. As these rates move up and down over time, the rates we can offer you also move up and down.
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What address(es) will the statement be sent to if I/we have a Joint Account Mortgage?
What address(es) will the statement be sent to if I/we have a Joint Account Mortgage?
If you have a joint account mortgage where more than one address is held on file we would typically send the statement to both addresses.
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What address(es) will the statement be sent to if I have a Buy to Let mortgage?
What address(es) will the statement be sent to if I have a Buy to Let mortgage?
For buy to let customers we would post the statements to the correspondence address on file as opposed to the property address.
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How do I update my correspondence address?
How do I update my correspondence address?
You can change your mortgage correspondence address in one of two ways:
Please let us know of your preferred correspondence address by writing to us:
NatWest Mortgage Centre, PO Box 12201, 6 Brindleyplace, Birmingham, B2 2AG
Or by popping to your local branch where we will take down the relevant information.
After receipt of your request your address will normally be changed within 5 working days and we will notify you of the change by letter.
Not quite ready?
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I've completed a mortgage application with a Mortgage Adviser, what happens next?
I've completed a mortgage application with a Mortgage Adviser, what happens next?
After you have completed your application with your Mortgage Adviser, it is sent to one of our mortgage underwriters who will review and check all of the information you shared in the application and assess if we are able to offer the mortgage to you. We might need to get some more information from you at this stage, if we do, we'll call you to let you know. Our underwriters will update you as your application progresses.
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What happens after the valuation and how long will it take?
What happens after the valuation and how long will it take?
Once the valuation fee has been paid, we will arrange for the valuer to make contact with the seller of the property. They will agree when the valuation will take place and they usually aim to do this within 48 hours. We then receive a valuation back within 5 business days from the date that the inspection was carried out. If we are happy with the details of the valuation we will produce an offer of loan to you within 48 hours.
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When will I have a formal offer of mortgage?
When will I have a formal offer of mortgage?
You will receive a formal mortgage offer when we have received, assessed all the information we need and your property has achieved a satisfactory valuation report.
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How long is my offer valid for?
How long is my offer valid for?
If you're a first time buyer, or you are buying a new build, your offer is valid for 6 months. If you're moving home or remortgaging to us, your offer will be valid for 3 months.
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When will I/my solicitor get the money?
When will I/my solicitor get the money?
The funds will be released on the requested completion date which your solicitor will inform us of.
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When will my first mortgage payment be and how can I amend this date?
When will my first mortgage payment be and how can I amend this date?
We will send you a welcome letter that tells you when your first payment is due. If you would like to change the date of your mortgage payment you can do this by calling our mortgage team on
0800 096 9527
minicom 0800 027 1396
or you can go online and make the request - All you need to sign in is your mortgage account number, surname, date of birth and postcode of the property