NatWest launches new tracker mortgage

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NatWest launches new tracker mortgage

NatWest has launched a new three-year, fee-free step down tracker mortgage.

It has a decreasing rate of interest, so the interest rate will decrease in each of the three years.

NatWest says there are no set-up, legal or valuation fees to pay for a standard re-mortgage.

The product also offers a "track and switch" facility so customers can change to a different NatWest fixed rate mortgage after three months if they wish.

Andy Fell, head of branch mortgages, said the lender wanted to give a "competitive and transparent" deal in a market with "uncertainty and complexity".

Meanwhile, price comparison website moneysupermarket.com has found that the average two-year tracker mortgage is appearing to be increasingly better value.

Its weekly credit crunch monitor found that the difference between the average two-year fix and two-year tracker has increased since the start of June, with the average tracker at 5.9 per cent and the average fix at 6.45 per cent.

Louise Cuming, head of mortgages at the website, said that while trackers have been avoided lately due to interest rates looking unstable, the signs are that rates will be "kept on hold for the time being".
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