NatWest has launched a new best-buy mortgage, outdoing the existing best-buy presented by Nationwide, offering a marginal discount on both the rate and arrangement fee.
The 5-year fixed-rate mortgage is available at 3.97% with a £1,495 fee.
However, despite this sub-4% rate likely coming being welcomed by borrowers, some brokers have expressed disappointment that the rate is only available to direct customers, and not via intermediary channels.
Nicholas Mendes, mortgage technical manager and head of marketing at John Charcol, said: “It’s disappointing to see a lender offer a product exclusively for direct clients, especially given the significant volume of business that flows through intermediaries.
“This approach seems short-sighted and overlooks the value and trust intermediaries bring to the lending process.
“It’s crucial to ensure fair and equal opportunities for all clients, regardless of their approach.”
A NatWest spokesperson said: “We keep our products under continual review in line with market conditions.”
“Our pricing is subject to regular review and revision, and we work to offer the best value for customers.
“Our pricing take into a consideration a number of characteristics including cost to serve, maintaining service levels and market competitiveness.
“This means that different customers in different channels, including broker and direct channels, may receive different prices.
“We continue to offer leading rates through our broker network, which is an important component of NatWest’s mortgage offering.”
