Coronavirus (COVID-19) update
NatWest are currently not offering mortgages to new customers looking to borrow more than 80% of a property's value.
- You can find out more of the latest updates and advice on our dedicated Which? coronavirus information hub.
NatWest mortgage customer ratings
The table below shows how NatWest performed in our latest mortgage satisfaction survey, from application process to value for money.
| Customer rating for: | Star rating |
|---|---|
| Customer service | |
| Application process | |
| Value for money | |
| Keeping you well informed | |
| Clarity of statements | |
| Transparency of charges | |
| Query and complaint handling | |
| Ability to overpay or underpay mortgage | |
| Online access | |
Star ratings based on a June 2019 Which? survey of 3,574 members of the general public, in which 243 people told us they had their mortgage with NatWest.
What kinds of mortgages does NatWest offer?
When we checked in September 2019, there were around 360 mortgages available from NatWest.
Most of these were fixed-rate mortgages, meaning your interest rate is guaranteed to stay the same for a set number of years. Fixed-rate deals from NatWest were available for two or five years.
There were also a number of two-year tracker mortgages available.
Offset mortgages from NatWest
NatWest offers an offset mortgage where you can link your NatWest savings and current accounts to your mortgage.
By doing so, you only pay interest on the difference between the money in your accounts and the amount you owe on your mortgage.
Bear in mind that because you’d be making a saving on your mortgage, you won’t earn any interest on the money in your savings and current accounts.
- Find out more: how offset mortgages work
Does NatWest offer interest-only mortgages?
Yes, and the most you could borrow is 75% of the property’s value.
However, you must have at least £75,000 of income a year to be eligible for an interest-only mortgage from NatWest. If you’re applying for an interest-only mortgage with another person, at least one of you must meet this income requirement.
You also won’t be able to borrow more than 50% of the property’s value on an interest-only basis if you plan on selling to repay the capital. If, in total, you want to borrow 75% of the property’s value, the remaining 25% of the mortgage would have to be repaid on a capital and interest basis (also known as a repayment mortgage).
Does NatWest offer the best mortgage deals?
Which? analysis has found that NatWest offers fewer cheap mortgages than the average lender.
In order to work this out, our experts analysed thousands of mortgages over a four-week period in August 2019. They compiled a total of 208 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.
The average number of times a lender made it into a table was 15, while NatWest featured four times. (Data source: Moneyfacts.)
Interest rates on NatWest mortgages
When we checked in September 2019, most mortgages from NatWest were fixed-rate deals lasting two or five years.
The average interest rate of a two-year fixed-rate mortgage from NatWest was 2.24%, compared to the industry average of 2.77%.
How much could I borrow from NatWest?
Below we’ve outlined how much you could borrow from NatWest, in relation to the percentage of the property’s value.
| Loan amount | Maximum loan-to-value |
|---|---|
| Less than £550,000 | 90% * |
| £550,001 - £1m | 85% |
| £1m+ | 75% |
| Buy-to-let | 75% |
| * 95% LTV is available for loans up to £570,000. | |
For new-build properties, the most you could borrow for a house is 85% of the property’s value, while for a flat it’s 75%.
Can I make overpayments?
Yes, but depending on your mortgage you may have to pay an early repayment charge if you overpay more than 10% of the outstanding balance in a year.
If you’re paying the standard variable rate of interest on a NatWest mortgage, there’s no restrictions on how much you can overpay.
How can I contact NatWest?
NatWest can be contacted on 0800 096 9527.
Its website is natwest.com.
NatWest mortgage eligibility
NatWest says that every mortgage application is reviewed by an individual, so that each case is assessed on its merits.
Leasehold properties
If you’re looking for a mortgage for a leasehold property, there must be at least 30 years left on the lease at the end of the mortgage term.
But there is some flexibility for properties in prime locations in central London, in which case there should be at least 10 years left on the lease at the end of the mortgage.
Buy-to-let mortgages
Your income must be at least £25,000 a year to apply for a buy-to-let mortgage.
You’ll also need a deposit of at least 25% of the property’s value, or 35% for a new-build property.
