Switch Your Existing Mortgage Deal | NatWest

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Switch to a new mortgage deal

If your rate is up for renewal, have a look at how we can help

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

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Get started on switching your mortgage

 

Ready to switch your mortgage to a different deal, or just want a look at what we have on offer?

Get started by logging in to our "Manage my Mortgage" system and get a personalised quote in only a few minutes.


To log in, all you'll need is:

Your mortgage account number

Name

Date of Birth

Your property postcode

Get started

Please note our online service is unavailable from 5am to 7am due to routine maintenance.

Not sure if you can switch your deal right now?

 

You will need to talk to us if

 

You would like advice about choosing a new deal.

You have a NatWest Offset mortgage.

 

 

 

Arrange a call back

 

You can choose to switch online if

 

You’re happy to choose your new deal yourself without advice.

Your current Residential or Buy to Let mortgage deal is coming to an end.

Your mortgage deal has ended and you are currently paying our Standard Variable Rate (SVR).

Get started
Why keep your mortgage with us?

1. We know you

As an existing customer, we already have your details, meaning we don't need to carry out any credit or affordability checks.

2. Getting a quote is quick

Our secure online platform lets you complete your application in under 10 minutes.

3. You can plan in advance

You can pick a new deal three months in advance. We'll switch it when your current deal ends.

4. Choice and confidence

Your quote is personalised and you can progress online or in person, whichever you're more comfortable with.

Important things to consider when choosing your new deal

Whether you're rolling off your current deal or are already on our Standard Variable Rate (SVR), we could have an option to suit your circumstances. You may also want to think about:

  • How important is it that your monthly payment remains the same for an agreed period of time?
  • How you feel about changes in interest rates and the impact that this could have on your monthly mortgage payment
  • How you feel about lower monthly payments in the early years, even if they fluctuate
  • Do you see any changes in your circumstances within the next 2 to 5 years that could impact your finances?
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Icon expand Fixed Rate

Your interest rate is set for a fixed period. After the term of the product comes to an end the rate will revert to our Standard Variable Rate (SVR). 

 

Risks

  • If interest rates decrease then you would not benefit from a reduction in your monthly payment.
  • You are tied into the deal, which means if you no longer want the product or the mortgage during the term of the deal, you could incur an early repayment charge.
  • Only limited overpayments are permitted. You can make overpayments of up to 10% of your mortgage balance in any 12 month period (commencing from the date the mortgage was drawn down) without incurring an early repayment charge.

Benefits

  • You are protected from interest rate rises for the period of the fixed rate, as your payments will not go up regardless of any interest rate rises. 
  • The fixed rate gives stability for a set period of time, allowing you to budget.
  • You could take your fixed rate deal with you if you move home.  This is subject to conditions and we’ll tell you more about this in your mortgage illustration.
How long could I take my fixed rate deal over?

2 year deal

Risks

  • You’ll only have certainty over your monthly payments for a 2 year period.
  • If you typically choose a mortgage with a fee you may pay 3 fees over a 5 year period (1 fee for each 2 year deal period).

Benefits

  • Your monthly payments on a 2 year deal will typically be lower than your monthly payments if you choose a 5 year deal.

5 year deal

Risks

  • Your monthly payments will typically be higher if you choose a 5 year deal rather than a 2 year deal.

Benefits

  • Your monthly payments won’t increase for 5 years, so you can budget for the long term.
  • If you choose a mortgage with a fee you’ll only pay 1 fee over the length of your mortgage deal.
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Icon expand Tracker Rate

Your interest rate goes up or down in line with the NatWest Bank base rate. After the term of the product comes to an end, the rate will revert to our Standard Variable Rate (SVR). 

 

Risks

  • Rates can increase at any time, which means that your monthly mortgage payment would increase. 
  • You are tied into the deal, which means if you no longer want the product or the mortgage during the term of the deal, you could incur an Early Repayment Charge.
  • Only limited overpayments are permitted. You can make overpayments of up to 10% of your mortgage balance in any 12 month period (commencing from the date the mortgage was drawn down) without incurring an early repayment charge.

Benefits

  • Rates can decrease in line with NatWest Bank base rate, meaning that your monthly mortgage payment would be lower. 
  • After you have had a tracker rate for more than 3 months you have the track and switch option available to you, if you become wary of rises in interest rates. This means that you have the option to move to a new fixed rate product without incuring an Early Repayment Charge.
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Icon expand Standard Variable Rate

Our Standard Variable Rate (SVR) may vary from time to time, and can go up or down. However, you are not tied in to a deal and can change your product or mortgage without charge at any time.

 

Risks

  • Rates are variable. If rates increase, your monthly mortgage payment would increase.

Benefits

  • Rates can decrease, meaning mortgage payments may be lower.
  • You can make unlimited overpayments without charge, and there are no early repayment charges if you no longer want the product or your mortgage.

Where you are about to roll-off on to SVR or are already on it, you do not need to take any action if you want to remain on SVR. However, if you are unsure please use the link below to book an appointment with one of our professionally qualified mortgage advisers.

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Icon expand Flexible mortgages

Our Offset Flexible Mortgage allows you to link your savings and current account balances to your mortgage, meaning you only pay mortgage interest on the difference between the balance on those accounts and your mortgage balance. This could allow you to pay off your mortgage faster without increasing your monthly payment, and you may pay less mortgage interest.

Risks

  • Rates are variable and can increase at any time.
  • To benefit fully, you would need to maintain significant balances in your linked savings/current account in the long term.
  • You may be able to request a drawdown against your agreed facility or a payment holiday, subject to us asking questions about your financial situation to ensure the request is affordable for you.

Benefits

  • You can make unlimited overpayments without charge, and there are no early repayment charges if you no longer want the product or your mortgage.
  • It may be a tax efficient option for higher rate tax payers.

 

We are here to help

If you want to know more about switching to a new deal, or have any other questions about switching, please get in touch.

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