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Mortgage lender challenges those looking to find a remortgage

Thu, 09 Feb 2006

NatWest is urging those looking to find a remortgage to participate in the NatWest Mortgage Challenge.

The mortgage lender is confident that it can offer remortgage customers lower monthly repayments, but if it fails to do so, it will pay the mortgage holder £1,000.

Those holding mortgages from Halifax, Abbey, Lloyds TSB and Cheltenham &Gloucester (C&G) are invited to participate in the challenge.

Participants must have a current mortgage of £50,000 or more, with a maximum loan-to-value of 75 per cent.

Comparison will be made against NatWest's new two-year discount mortgage, which offers a discounted mortgage rate of 4.45 per cent. The overall cost for comparison is 6.5 per cent variable annual percentage rate (APR).

Guy Aldwinckle, head of NatWest Mortgages, says it is predicted that 45 per cent of the mortgage market this year will be made up of borrowers looking to find a remortgage.

He says that for most people, their mortgage repayment is their biggest monthly expense, "so it pays to shop around".

NatWest offers "competitive discount and fixed deals" as well as "strong" mortgage offers with fee assistance, Mr Aldwinckle explains.

He points out that there is also an "eye catching fees-free deal" for those who want to limit up-front costs and "hassle".

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