NatWest claims to be demonstrating a “commitment to offering great value remortgage deals” by challenging other mortgage lenders to beat the prices they are offering on remortgages.
According to the bank, it will pay £1,000 to anybody who can find a remortgage product that offers lower monthly repayments.
The lender has specifically targeted the customers of Halifax, Abbey, Lloyds TSB, C& G, Woolwich and Barclays that are coming to the end of a fixed, discount or tracker mortgage.
And in a move it says is designed to “make it easier and quicker to remortgage”, the bank claims to have “simplified its mortgage process”.
Managing director Craig Donaldson said: “For the majority of us our monthly mortgage repayment is our biggest outgoing and so it pays to shop around.”
The new mortgage range, he added, was “designed to make it simple for customers to choose the right deal for them”.
In related news, it is widely expected that the base rate of interest will be increased again in May following the announcement that inflation topped three per cent in March.
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