View more on these topics

NatWest shows confidence in brokers

NatWest&#39s 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&#39s view of intermediaries any harm either.”

Recommended

Confisa to provide IFAs support during change

National IFA brand Consifa is targeting IFAs concerned about their future under the new regulatory regime. Consifa intends to provide a framework for IFAs to continue to service clients&#39 needs while removing compliance, regulatory and administration burdens. It will establish regional centres throughout the UK, from where successful IFA firms will be targeted to provide […]

PMI Europe insures £1.8 billion mortgage credit default swap

PMI Mortgage Insurance Company Limited (PMI Europe) has announced the insurance of a mortgage credit default swap agreement between the KfW group, Germany&#39s leading promotional bank, and Aareal Bank AG, a leading international property bank. PMI Europe is providing a £63.6 million layer of credit protection in connection with the £1.8 billion Aareal Bank mortgage-backed […]

APR labelled “useless”

Annual percentage rates – the FSA&#39s preferred means of mortgage price comparison – have been slammed as a “useless” measure of mortgage costs. If CP146 proposals are agreed, APR will be a central element of financial promotions produced by intermediaries and lenders. But critics say APR cripples product transparency. Frank Chacko, associate at Hewitt Bacon […]

Mortgage Master receives Mortgage Express award for excellence

Birmingham-based packager Mortgage Master&#39s underwriting department has been presented with a case of champagne in recognition of the quality and consistency of packaged mortgage applications submitted to Mortgage Express this year. This has allowed Mortgage Express to issue mortgage offers upon receipt of packaged applications immediately, without any further processing required by Mortgage Express&#39 own […]

Newsletter

News and expert analysis straight to your inbox

Sign up