NatWest mortgages reviewed: is it right for you?

NatWest mortgages are offered by one of the UK's largest high street lenders, with options for first-time buyers, home movers, remortgagers, and buy-to-let landlords.

As with any mortgage, your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

We're a broker, not a lender. At Money Saving Advisors, we compare a wide range of lenders, including NatWest, to find the mortgage that best fits your circumstances. This review looks at what NatWest offers, who it suits, and where another lender through a broker might serve you better.

Quick verdict: NatWest is a solid mainstream choice for borrowers with good credit and straightforward circumstances. Rates are competitive, the online application process is easy to use, and NatWest offers 95% mortgages for first-time buyers. If you have complex income or credit issues, a specialist lender sourced through a broker may suit you better.

National Westminster Bank, known as NatWest, was founded in 1970 and is part of NatWest Group, which also owns the Royal Bank of Scotland. The bank is headquartered in London and serves millions of customers across the UK.

NatWest is one of the "Big Six" UK mortgage lenders, holding around 11% of the mortgage market, according to UK Finance data. That makes it the third-largest mortgage lender in the country, behind Lloyds Banking Group and Nationwide Building Society, with a mortgage book of well over £150 billion in outstanding loans.

The bank is authorised by the Prudential Regulation Authority and regulated by both the Prudential Regulation Authority and the Financial Conduct Authority. This means it must follow rules on treating customers fairly, assessing affordability, and handling complaints.

NatWest's market position

NatWest's main competitors for mortgage market share include Halifax (part of Lloyds Banking Group), Nationwide, Santander, Barclays, and HSBC.

The lender has a reputation for processing applications relatively quickly and offering competitive rates, particularly for borrowers with larger deposits. It's also been proactive with technology, including a digital assistant called Cora that helps customers with common queries, and an online mortgage tracker that lets you follow your application's progress.

NatWest offers a range of mortgage products to suit different buyer types and circumstances. Here's what's available.

Fixed rate mortgages

Fixed rate mortgages are NatWest's most popular products. Your interest rate stays the same for the fixed period, typically two or five years, giving you certainty about your monthly payments. After the fixed term ends, you'll move onto NatWest's standard variable rate unless you remortgage to a new deal.

Fixed rate products are available across a range of LTV bands, from 60% up to 95%. As a general rule, the best rates are available at lower LTVs, meaning borrowers with larger deposits get better deals. Speak to an advisor for the rates currently on offer.

Tracker mortgages

Tracker mortgages follow the Bank of England base rate plus a set margin. If the base rate falls, your payments decrease. If it rises, your payments increase. NatWest offers two-year tracker deals.

These products suit borrowers who believe interest rates will fall or stay stable, and who can afford potential payment increases if they don't. Unlike some tracker mortgages, NatWest's products don't usually carry early repayment charges, giving you flexibility to switch deals if rates become unfavourable.

Standard variable rate

NatWest's standard variable rate (SVR) is the rate you'll pay if your fixed or tracker deal ends and you don't remortgage. It can change at any time at NatWest's discretion, though it's often influenced by Bank of England base rate movements.

Almost every mortgage expert would advise against staying on the SVR longer than necessary. The gap between NatWest's SVR and its fixed rates can add a significant amount to your monthly payments, so it's worth diarising your renewal date well in advance.

Buy-to-let mortgages

NatWest offers buy-to-let mortgages for landlords, with both fixed rate and tracker options. Key requirements include a minimum deposit of 25% (maximum 75% LTV) and expected rental income of at least 125% of the monthly interest payments.

Buy-to-let products are available on a capital and interest or interest-only repayment basis. NatWest accepts portfolio landlords with four or more mortgaged properties, though additional documentation and affordability checks apply.

Interest-only mortgages

For residential mortgages, NatWest offers interest-only deals to borrowers meeting specific criteria. You'll typically need a minimum income of £75,000 (for at least one applicant on joint applications), a maximum 85% LTV, and a clear repayment strategy, such as investments, a pension, or a planned property sale.

Interest-only mortgages have lower monthly payments than repayment mortgages, but you'll need a solid plan to clear the capital at the end of the term. NatWest requires evidence of your repayment strategy before approving an interest-only mortgage.

Green mortgages

NatWest offers discounted rates on green mortgages for homes with an Energy Performance Certificate (EPC) rating of A or B. If you're buying or remortgaging an energy-efficient property, you could access better terms than on standard products, at up to 85% LTV.

First-time buyer options

First-time buyers can access NatWest's full product range, including 95% LTV mortgages for those with just a 5% deposit. These higher-LTV products are supported by the UK Government's mortgage guarantee scheme. NatWest also accepts gifted deposits from family members and offers a Family-Backed Mortgage, where a family member can support your application without being named on the mortgage.

Understanding how NatWest prices its mortgages helps you work out the true cost of borrowing. Several factors affect the rate you're offered, and figures move frequently, so speak to an advisor for up-to-date pricing.

How loan-to-value affects your rate

Your loan-to-value ratio, which compares your mortgage amount to your property's value, is the biggest factor in determining your rate. As a general pattern, NatWest's rate bands work roughly as follows.

In practice, the gap between the rate available at 60% LTV and the rate at 95% LTV can amount to tens of thousands of pounds in additional interest over a typical 25-year mortgage term. The bigger your deposit, the more it's usually worth shopping around.

Product fees vs no-fee deals

NatWest offers most of its mortgages with different fee options. Products with higher arrangement fees typically come with lower interest rates, while fee-free deals charge higher rates. The right choice depends on your mortgage size and how long you'll keep the product.

As a rule of thumb, paying a fee for a lower rate tends to work out cheaper on larger mortgages held for the full fixed period, since the interest saved usually outweighs the fee. On smaller mortgages, or if you might need to exit early, a fee-free deal can work out better. An advisor can run the numbers for your specific circumstances.

Rates change frequently, sometimes daily, so always check current offers with an advisor when you're ready to apply.

Beyond the interest rate, several fees affect the total cost of your NatWest mortgage. Understanding these upfront helps avoid surprises.

Product fees

NatWest's product fees (also called arrangement fees) vary depending on the mortgage product, from no fee up to a four-figure sum. You can pay this upfront at application or add it to your mortgage balance. Adding the fee to your loan means you'll pay interest on it for the full mortgage term, which increases the total cost.

Valuation fee

NatWest charges a valuation fee to assess your property's worth before approving the mortgage. The fee varies by property value. Some products include a free standard valuation, particularly for remortgages, where NatWest covers valuation and legal costs as an incentive to switch.

Legal fees

If you're remortgaging to NatWest from another lender, many products include free legal work through NatWest's panel solicitors. For purchases, you'll need to arrange and pay for your own conveyancing.

Funds transfer fee

NatWest charges a small funds transfer fee when the mortgage completes and funds are sent to your solicitor.

Early repayment charges

If you repay your mortgage or overpay significantly during a fixed or tracker period, you'll typically face early repayment charges (ERCs). NatWest's ERCs vary by product but commonly follow a declining scale, so they're highest if you leave early in the deal and reduce the closer you get to the end of the fixed period.

NatWest allows overpayments of up to 20% of your outstanding balance each year without penalty, which is more generous than many lenders who cap this at 10%.

Before applying, it's worth checking whether you're likely to meet NatWest's lending criteria. Here's what they look for.

Age requirements

You must be at least 18 to apply. NatWest requires most mortgages to be repaid by age 70-80, depending on the product. For interest-only mortgages, the maximum age is 70 or your intended retirement age, whichever is lower.

If you're already retired, NatWest may still offer a mortgage based on your retirement income, but these applications can't be processed online and need to go through an advisor.

Residency requirements

All applicants must be UK residents at the time of application. You'll also need to be a UK national, have permanent right to reside, have indefinite leave to remain, or have settled or pre-settled status (including non-EU nationals holding this status through an eligible family member).

NatWest won't lend to anyone with diplomatic immunity.

Income requirements

NatWest assesses affordability based on your income minus commitments and expenditure. It will typically lend up to around 4.5 times your gross annual income, though enhanced income multiples may be available depending on your income level, credit score, and LTV.

Accepted income types include PAYE salary, self-employment (minimum two years' accounts or SA302s), contractor income (day-rate basis accepted with 12 months' contracting history), second jobs (up to 100% can be used), and pension income.

Contractors without indefinite leave to remain are limited to 75% LTV with repayment mortgages only. Limited company contractors typically need to earn over £75,000 a year.

Credit requirements

NatWest will consider some applicants with minor credit blips. It may accept satisfied defaults, CCJs, and completed debt management plans, though it will want to understand the circumstances.

If you have more serious credit issues, NatWest is less likely to help. This includes current debt management plans, individual voluntary arrangements, or having been discharged from serious debt within the past six years. In these situations, specialist lenders accessed through a broker can offer better options.

Property requirements

NatWest lends on most standard property types, including houses, flats, maisonettes, and bungalows. It will also consider new builds, ex-local authority properties, and properties with short leases, subject to specific policy requirements.

Some property types face additional scrutiny or restrictions, including non-standard construction, properties above commercial premises, and properties requiring significant structural work.

If you're worried about debt or struggling financially, MoneyHelper offers free, impartial guidance. You can call them on 0800 138 7777 or visit moneyhelper.org.uk.

NatWest offers multiple application routes. Here's what the process involves.

Application channels

You can apply for a NatWest mortgage online, over the phone, or by visiting a branch. The online process is the most popular option and lets you upload documents, sign paperwork, and track your application digitally.

Alternatively, you can apply through a mortgage broker like Money Saving Advisors. We can submit your application to NatWest on your behalf while also comparing their products against other lenders, to make sure you're getting a deal that suits your situation.

What you'll need

Once you've had an offer accepted on a property (or if you're remortgaging), you can submit a full mortgage application. You'll need the following information and documents.

Personal details:

• Proof of identity (passport or driving licence)
• Proof of address (utility bill or bank statement)
• Details of your employment and income
• Information about your monthly outgoings and commitments

Financial documents:

• Recent payslips (typically the last three months)
• Bank statements (typically the last three months)
• P60 or tax returns
• SA302 forms and tax year overviews (if you're self-employed)
• Proof of your deposit source

Property details:

• Property address and purchase price (for purchases)
• Current mortgage details (for remortgages)
• Solicitor contact information

NatWest holds your rate for 14 days while you upload supporting documents. Once everything's submitted, your application goes to underwriting.

Understanding how NatWest handles customer service helps set expectations for your mortgage experience.

Contact options

NatWest offers several ways to get help with mortgage queries, including phone support for existing customers, a digital assistant called Cora available 24/7 through the app and website, over 600 UK branches, and online banking for managing payments and statements.

Online mortgage management

NatWest's "Manage My Mortgage" portal lets existing customers handle many tasks without calling, including making overpayments, changing direct debit dates, updating bank account details, obtaining redemption statements, and switching to new mortgage products.

The portal also shows your current property valuation (updated periodically) and lets you track any active applications.

Customer feedback

Customer opinions on NatWest are mixed, which is typical for large high street banks.

Which?'s most recent survey of NatWest mortgage customers found a satisfaction score slightly below the average across all lenders surveyed, though still respectable. Customers rated NatWest highly for online access and reasonably well for customer service and transparency of charges.

NatWest's overall rating on general review sites is lower, but this reflects reviews across all of its products and services, not just mortgages. Common complaints relate to general banking issues like phone wait times and the Cora chatbot, rather than mortgage-specific problems.

Specialist review sites focused on mortgages tend to show a more positive picture, with customers praising competitive rates, the easy online renewal process, and the 20% overpayment allowance.

Weighing up the advantages and disadvantages can help you decide whether NatWest is the right fit for your mortgage.

Higher product fees than some competitors. NatWest's best rates typically come with higher fees than some rivals charge for comparable products. On smaller mortgages, these fees can outweigh the rate benefit.

Less flexible for complex cases. If you have unusual income (multiple contracts, overseas earnings, complex self-employment) or credit issues, NatWest's automated processes may struggle. Specialist lenders often handle these situations more smoothly.

Customer service can be inconsistent. While Which? ratings are reasonable, customer reviews frequently mention long phone wait times and frustration with the Cora chatbot when issues don't have simple answers.

Standard variable rate is expensive. NatWest's SVR is significantly higher than its fixed and tracker deals, so it's worth setting reminders to remortgage before your deal ends.

No 10-year fixed options. Unlike some competitors, NatWest's longest fixed term is five years. If you want long-term rate certainty, you'll need to look elsewhere.

Knowing how NatWest stacks up against alternatives can help you make an informed choice. Rates move often for all lenders, so treat the comparisons below as a guide to differences in approach and policy, not current pricing, and ask an advisor for a like-for-like comparison.

NatWest vs Halifax

Halifax (part of Lloyds Banking Group) is the UK's largest mortgage lender by volume. Both lenders target similar customers and offer comparable product ranges.

First-time buyers: Halifax has slightly more generous high income-multiple lending policies through some products, but NatWest's Family-Backed Mortgage provides a distinct support option.

Choose NatWest if you value the 20% overpayment allowance (Halifax caps at 10%) or want the family-backed mortgage option.

Choose Halifax if you want a 10-year fixed rate option, or its rate beats NatWest's once you've factored in fees.

NatWest vs Nationwide

Nationwide Building Society is a mutual lender, owned by its members rather than shareholders. This can translate into customer-focused policies.

First-time buyers: Nationwide's Helping Hand scheme lets eligible first-time buyers borrow up to six times income, potentially more than NatWest, which could mean affording a more expensive property.

Overpayments: Nationwide typically allows 10% overpayments versus NatWest's 20%.

Choose NatWest if you want more overpayment flexibility or prefer its family-backed mortgage over Nationwide's options.

Choose Nationwide if you'd benefit from its enhanced income multiple for first-time buyers or want a 10-year fixed rate.

NatWest vs Barclays

Barclays is another major lender with a comprehensive mortgage range.

Fees: Barclays' fees are often lower than NatWest's for comparable rates, which can make a meaningful difference on smaller mortgages.

95% LTV: Both offer 95% mortgages, including options for new-build houses.

Choose NatWest if the 20% overpayment allowance matters to you (Barclays caps at 10%).

Choose Barclays if its lower fees make the total cost cheaper for your mortgage size.

NatWest works best for certain borrower profiles. Here's who's likely to be a good fit, and who might be better served elsewhere.

NatWest is a good fit if

• You're a first-time buyer with a 5-40% deposit. Competitive rates across LTV bands and the 95% mortgage option make NatWest a strong choice, especially if parents want to help via the Family-Backed Mortgage without being named on the mortgage.
• You're employed with straightforward income. If you're PAYE with a single employer and good credit, NatWest's largely automated process should work smoothly, with a fast decision and a competitive rate.
• You're remortgaging and want to save on costs. NatWest's free valuation and legal offers on remortgages reduce switching costs. If your LTV has improved since you bought, you could access noticeably better rates.
• You want to overpay when you can. The 20% annual overpayment allowance gives substantial flexibility to pay down your mortgage faster when you have spare cash.

NatWest may not suit you if

• You're self-employed with complex accounts. NatWest accepts self-employed applications, but its criteria can be inflexible for unusual situations. Specialist lenders often assess contractor and business owner income more generously.
• You have adverse credit history. If you have current or recent credit issues beyond minor blips, NatWest will likely decline. Specialist lenders accessed through a broker can help, though usually at a higher cost.
• You want to maximise your borrowing. NatWest's standard income multiples are competitive but not exceptional. Nationwide's Helping Hand offers up to six times income for eligible first-time buyers, which could mean affording a more expensive property.
• You want 10+ years of rate certainty. NatWest only offers fixes of up to five years. If you want to lock in your rate for a decade or longer, Halifax, Nationwide, and some smaller lenders offer these products.

NatWest is a reliable, competitive choice for mainstream borrowers. Its rates are consistently competitive against other major lenders, particularly for those with deposits of 25% or more. The 95% LTV option helps first-time buyers get started, and the generous 20% overpayment allowance gives flexibility to pay down your mortgage faster.

The online experience is well designed, and most customers will find the application process straightforward. If you're employed with regular income, have reasonable credit, and want the security of a major lender, NatWest is likely to tick the boxes.

It isn't the right fit for everyone. If you have complex income from self-employment, contracting, or multiple sources, you may find NatWest's automated underwriting less accommodating than a specialist lender. Those with credit issues beyond minor blips will likely need to look elsewhere. And with higher product fees than some rivals, it's worth comparing the total cost, not just the headline rate, before deciding.

Our rating: 4 out of 5. A solid mainstream choice with competitive rates and good digital tools, but not the most flexible option for complex circumstances.

If you're considering a NatWest mortgage, or want to compare it against other lenders, speaking to an advisor can help. As a broker, we have access to NatWest alongside a wide range of other lenders, including specialist providers for circumstances that mainstream lenders don't always handle well.

We compare the market to find your best option, not just NatWest's deal for you. Sometimes NatWest will be the right choice. Sometimes another lender offers different rates, fees, or criteria that suit your situation better. We'll talk you through the options honestly.

Access expert advice with no pressure to proceed. An initial conversation with an advisor won't affect your credit score.