NatWest Introduces High Value Mortgage Products in New Business Range
NatWest has announced significant changes to its New Business product range, set to take effect from the 30th of April 2024. These changes include the introduction of new high value mortgages intended for customers seeking to purchase or remortgage properties that are typically more valuable than the UK average. With a minimum loan size of £2 million, these new offerings aim to provide greater flexibility and options for more affluent borrowers. Being primarily a South West London mortgage broker, these new products will be of particular interest.
High Value Mortgages From NatWest
In a message sent out to our mortgage brokers here at Oportfolio Mortgages, NatWest announced some big news for borrowers looking for high value mortgage products. The new high-value products cover both purchase and remortgage borrowing, offering 2 and 5-year deals to accommodate various customer preferences and financial situations. Full details of the changes are as follows:
New Business New Products
- Purchase – High value: A new range of products covering 2 and 5 year deals with a minimum loan size of £2 million have been introduced.
- Remortgage – High value, no free legal: A new range of products covering 2 and 5 year deals with a minimum loan size of £2 million have been introduced.
- Purchase and remortgage: NatWest have refined the maximum loan size of their existing range of purchase and remortgage products, to incorporate their new high value products.
In addition to the introduction of high-value products, NatWest has refined the maximum loan size for its existing range of purchase and remortgage products to incorporate these new offerings. This adjustment ensures that customers have access to a comprehensive suite of mortgage products that align with their borrowing requirements and financial objectives.
NatWest New Business Rate Increase
However, along with these previously mentioned product enhancements, NatWest has also announced rate changes across its New Business range. Customers can expect rate increases of up to 21bps and 18bps on selected 2 and 5-year deals for purchase, remortgage, first-time buyer, shared equity, help-to-buy shared equity, buy-to-let, and green mortgage products. These changes are being seen across the UK mortgage market, with many lenders increasing their rates. This is primarily down the commonly held belief that the Bank of England will hold the base rate at 5.25% in May 2024, rather than reducing it.
South West London Mortgage Broker
For customers in the Putney or South West London area seeking larger mortgages, the announcement of NatWest’s new high-value products may offer attractive opportunities. Larger family homes in areas such as Putney, Wimbledon, Barnes, Fulham, and Wandsworth can sell for several million pounds, so larger mortgages are a necessity for many buyers. However, navigating the complexities of mortgage options and understanding the implications of having a mortgage of £2 million or more, and rate changes can be daunting. In such cases, seeking guidance from a specialist mortgage broker like ourselves at Oportfolio Mortgages can provide invaluable support and expertise.
Oportfolio Mortgages specialises in assisting clients with complex mortgage needs, including high-value mortgages and tailored solutions for more affluent clients. With a deep understanding of the local market dynamics in Putney and South West London as a whole, our team of experienced mortgage advisors can offer the best mortgage advice and recommend suitable mortgage products tailored to your needs.
Speak To A High Value Mortgage Broker
Whether you’re a high-net-worth individual looking to purchase a luxury property in the South West London area, or a homeowner considering refinancing options for your existing mortgage, consulting with a specialist mortgage broker can streamline the process and ensure that you can meet your financial goals. Call or email our team of dedicated mortgage advisors today to arrange a fee free initial mortgage consultation. We are here to help.
