NatWest offering 1.84% broker-exclusive 10% deposit mortgage
NatWest has improved its already impressively priced mortgage targeting borrowers with a 10% deposit.
The bank lowered its rate from 2.06% to 1.84% and it is fixed until the 30 April 2020. After the fixed period, it will revert to the lender's standard variable rate of 3.99%. The overall cost for comparison is 3.70% APRC representative.
NatWest charges a £999 arrangement fee and applicants will need a 10% deposit to qualify. Early repayment charges apply for the fixed rate period.
The lender is currently providing mortgage offers in 17 days and remortgage offers in 13 days.
Aaron Strutt, product manager at Trinity Financial, says: “The banks and building societies have been improving their first-time buyer rates and it is surprising just how completely the lowest rates are at the moment.”
Representative example: A mortgage of £400,000 payable over 25 years, initially on a fixed rate for five years at 1.84% and then on a variable rate of 3.99% for the remaining 23 years, would require 25 monthly repayments of £1,497.99 followed by 275 monthly repayments of £1,865.78. The total amount repayable would be £552,033.75 made up of the loan amount, plus interest (£190,539.43) and fees of £999. The overall cost for comparison is 3.70% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
To secure a 10% deposit mortgage call Trinity Financial on 020 7016 0790.
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