NatWest offering 1.29% tracker rate for mortgages up to £1 million

by Aaron Strutt

Jul 01 2016

NatWest for Intermediaries is offering an impressively low 1.29% two-year tracker, priced at 0.79% over the NatWest Bank base rate until 30 September 2018. ***Rate increased to 1.49% w.e.f 26/07/2016

At the end of the tracker period, the mortgage reverts to the lender’s standard variable rate which is currently 4%. The overall cost for comparison is 3.8% APR.

Aaron Strutt, product director at Trinity Financial, says: “Over the last few weeks a host of lenders have increased their tracker rates and they are not so keenly priced. The vast majority of borrowers lock into fixed rates even though many of the trackers have a switch-to-fix option, where they can take a new rate at any time.”

The 1.29% rate provided by NatWest has a £999 arrangement fee and early repayment charges for the first two years. 

Applicants will need a 40% deposit to qualify and there is a maximum loan size of £1 million. However, the lender has a specialist large loan underwriting and team and they regularly accept larger mortgages.

Please note, this rate does not track the Bank of England base rate, although it is highly unlikely the lender with deviate from official rate changes.

Please note, this is a purchase-only mortgage product.

For help to secure a tracker rate mortgage, call Trinity on 020 7016 0790.