NatWest opened up a lot of doors for people seeking a new mortgage refinance and their move to lower rates should net them a lot of business. Numerous consumers are seeking a mortgage refinance, but they are few and far between. This news has been welcomed by those that are keeping a close eye on the mortgage refinance markets.
Andy Fell, head of branch mortgages at NatWest, said: “At a time when there is uncertainty and complexity within the mortgage market, we wanted to offer our customers a competitive and transparent deal. With no set up fees and the downward stepping of interest rates, we are confident that our new deal will be popular with remortgage customers.”
NatWest is one of the few that is lowering rates. Francis Ghiloni, marketing and business development director at Mform, said: “The credit crunch has made accessing funding for fixed-rate deals increasingly difficult and made them less profitable for lenders, who are now imposing high prices for the certainty they offer. The cost of security appears to be excessive and fixed rates are now uncompetitive across the board for most product areas. Even standard variable rates can be more competitive on a true-cost basis.”
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