Home Residential PropertyBuy-To-Let NatWest withdraws tracker range and launches BTL payment holidays

NatWest withdraws tracker range and launches BTL payment holidays

by LLP Reporter
26th Mar 20 5:03 pm

NatWest is the latest lender to withdraw its tracker mortgage product range.

The lender has withdrawn its entire residential and buy-to-let purchase and remortgage tracker products.

A number of lenders, including Metro Bank, Nationwide and HSBC, withdrew their tracker products from sale in response to the second Bank Rate cut from 0.25% to 0.10%. Nationwide has since re-introduced a range of two-year tracker mortgages.

Additionally, NatWest has provided updates on its mortgage payment holiday process in response to the Covid-19 outbreak.

NatWest can now review payment holiday requests for landlords with a buy-to-let or consent-to-let mortgage that are linked to Covid-19. The process for this is the same as a residential request.

NatWest previously stated that a payment holiday will not affect a borrower’s credit status and has now confirmed that it will not impact the customer’s ability to complete a product transfer online, either directly or through a broker.

The lender will not carry out new credit or affordability checks during the product transfer process if borrowers keep the same mortgage amount and repayment type.

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