NatWest's decision to roll out its current account mortgage to intermediaries has been welcomed as a “vote of confidence” in the broker sector.
NatWest One combines the home loan with a bank account, overdraft and savings in one account. It was launched solely at branch level earlier this year, and the first phase of the roll-out will make it available to Prudential Mortgage Services, Norwich Union IFA Club, Your Move, Connells, AXA, Farrell Heyworth and Burchell Edwards.
The product ranges from 5.1% at up to 50% LTV to 5.7% at up to 95% LTV. There are no early redemption penalties, interest is calculated daily, and there are monthly statements.
Charles Haresnape, head of NatWest mortgage services, says: “NatWest One has proved successful in its pilot phase across our branch network. This is a very attractive mortgage product which will provide intermediaries with another tool in their kit bag for them to give even better choice and advice to their clients.”
Kevin Morgan, managing director of Hertfordshire-based EZI UK, does not see the product as very innovative, but says: “This is a vote of confidence in the mortgage intermediary sector, which is pleasing. NatWest used to be very reluctant to go through IFAs. Royal Bank of Scotland have always had a history of dealing with intermediaries and now that they own Natwest they seem to have introduced a new way of thinking. This move cannot do the public's view of intermediaries any harm either.”