NatWest Equity Release And Lifetime Mortgage Review in 2024

Does NatWest Offer Equity Release in 2024? Find Out What Services It Offers and if It Can Help You Get Extra Funds in Retirement. Read On…
  • Last Updated: 01 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • The Natwest equity release Scheme allows homeowners aged 55 and over to access the wealth tied up in their property without having to sell or move out.
  • They operate by providing a loan against the value of your home, which is repaid when the property is sold, typically after you pass away or move into long-term care.
  • Whether Natwest equity release is a beneficial option depends on your personal circumstances, such as your age, the value of your property, and your financial needs in retirement.
  • The rates vary and are dependent on factors like your age, property value, and the current economic climate, so it's crucial to check their website or speak to a representative for the most accurate rates.
  • To apply, you'll need to contact Natwest directly, either through their website or by phone, and follow their application process that typically involves a property valuation and financial advice sessions.

If you are moving into your retirement years, you may be considering equity release, but can NatWest help you with an equity release plan?

While NatWest is a regulated and safe financial services provider, it may not be the right provider for your equity release needs.

In This Article, You Will Discover:

    Our team has carefully examined various equity release providers to better understand each, and their market offering. 

    We strive to provide accurate and relevant information to better guide your financial decisions.

    What NatWest has to offer:

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of NatWest. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by NatWest.

    Who Is NatWest?

    NatWest is a financial service provider that operates in the UK and Ireland.

    It was founded in the late 1960s after the merger of National Provincial Bank and Westminister Bank. 1

    It now offers various financial services and products to individuals and businesses.

    Although NatWest is not an equity release provider, it does offer various other financial services and a remortgaging option that may meet your needs.

    What Is Meant By 'Releasing Home Equity'?

    Equity release allows seniors to turn their home equity into a cash resource, suitable for those over 55.

    It transforms property value into spendable funds, without selling or releasing home equity upfront.

    The loan's repayment is postponed until the home's eventual sale, often after the owner's life changes, like passing away or entering a care facility.

    This postponement is a hallmark of equity release.

    What Is the Process for Applying for Natwest Equity Release?

    Applying for Natwest Equity Release is a simple, streamlined process.

    First, you have a preliminary discussion with a Natwest advisor who explains the intricacies of equity release, covering topics such as compound interest, estate reduction, and debt increase.

    This initial meeting helps you understand all the financial implications tied to equity release schemes, ensuring you make a well-informed decision.

    Once you've decided to proceed, you'll need to engage a solicitor to handle the legal aspects.

    Natwest then conducts a property valuation to determine the maximum equity you can release.

    After your advisor has worked out the specific details of your equity release, you'll agree on a plan that best suits your financial circumstances.

    It's our expertise and bespoke approach which sets us apart, we ensure you fully understand each step of the process.

    Why Consider NatWest

    You may consider NatWest as it is a leading financial institution and is overseen by the FCA and PRA.2

    More information:

    • It is easy to apply for the financial services or products it offers online and it's app is easy to download.
    • It has a Buy Now Pay Later product offering.3
    • You can remortgage your bond to NatWest and possibly get a better deal.
    • It was awarded the ‘Best Mortgage Provider 2020’ at the British Bank Awards.  4

    What Services Does NatWest Offer?

    NatWest offers personal, business, and corporate banking services.

    It also offers the following:

    • Business banking.
    • Personal banking.
    • Investment options.
    • Financial planning.
    • International trade services for corporates.
    • Premier banking.

    Apart from banking services and products, NatWest is also permitted to offer other services.

    These services relate to insurance, investments, consumer credit, pensions, mortgages, and home finance.

    Does NatWest Offer Equity Release or Lifetime Mortgages?

    No, NatWest does not offer equity release in the form of a lifetime mortgage or a home reversion plan.

    It offers a remortgaging option that may provide a suitable way to release equity from your home and receive a more favourable interest rate.

    What Are NatWest’s Interest Rates?

    NatWest’s standard mortgage interest rates are between 5.20% to 6.30% AER*. 5

    The rate you could qualify for will depend on your specific set of circumstances.

    In general, equity release interest rates vary from 5.20% to 6.30% AER* and are slightly higher than standard mortgage rates.

    *While we regularly review our rates, these may have changed since our last update.

    What Are NatWest’s Fees?

    NatWest’s fees for it's standard mortgages typically include arrangement fees and valuation fees.

    More information on NatWest’s mortgage fees.

    • Valuation fees.
    • Additional survey fees if applicable.
    • Solicitor’s costs.6
    • Home insurance.
    • Stamp duty.
    • Closing fees.

    Equity release fees can range from £1,500 to £3,000.7

    Does NatWest Have An Equity Release Calculator?

    No, NatWest does not have an equity release calculator; however, it does have an equity calculator which gives an estimate of the equity in your home. 8

    The estimate is based on factors such as the value of your home, as well as any outstanding mortgage amount or loans secured against it.

    Why not use our easy equity release calculator for an approximation of how much equity you can release?

    What Are The Advantages and Disadvantages of NatWest?

    The advantages and disadvantages of NatWest are that the FCA and PRA regulate it, so it is safe; however, it does not offer an equity release product.

    More information:

    NatWest Pros

    The pros of NatWest include that it has an easy-to-use app.

    Here are more pros to consider:

    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA), ensuring the safety and fairness of financial services and products offered to customers. 8
    • The app makes it easy to manage and facilitate your account and dealings with NatWest.

    NatWest Cons

    The cons of NatWest include that it is not an equity release provider.

    More information:

    • It is not an equity release provider.
    • Repayments are required on the standard and remortgage options that NatWest offers.

    How Did We Review the Information on NatWest?

    We reviewed the information on NatWest by doing a thorough search of all it's facts, including all the products and services it offers, and then compiled it into this article for you to consider.

    Even though NatWest does not offer equity release, it is a viable option to look into if you want to remortgage your property.

    NOTE: This article is an unaffiliated, independent, third-party, review of NatWest.

    NatWest Customer Reviews 

    NatWest’s customer reviews and ratings on Trustpilot are pretty low at 1.9 out of 5. 

    Some customers have expressed dissatisfaction with the customer service.

    Others have had nothing but good things to say about the convenience provided by the NatWest app. 

    NatWest Complaints

    NatWest complaints can be lodged directly through the NatWest website, in person, in writing, or by telephone. 9

    NatWest has a live WebChat option online, should you require an immediate resolution.

    How to complain:

    NatWest has a 24-hour phone line that can be used for complaints. 0800 917 0526.

    Alternatively, you can write a letter for delivery to:

    NatWest Mortgage Centre, PO Box 123, Greenock, PA15 1EF.

    You can also approach one of the consultants at a NatWest branch for an in-person resolution. 

    NatWest FCA Details

    FCA Address 

    250, Bishopsgate, London, EC2M 4AA, United Kingdom.

    Trading Name

    • Ulster Bank
    • NatWest Premier
    • Payit
    • Mettle
    • Tyl
    • Mentor
    • National Westminster Bank Plc

    FCA Permitted Services 

    • Banking
    • Insurance
    • Mortgages and home finance
    • Consumer credit
    • Payment services and e-money
    • Pensions
    • Investments

    Regulators

    • Prudential Regulation Authority (PRA)10
    • Financial Conduct Authority (FCA)

    Registration Numbers

    FCA Reg Number: 121878

    FCA and Companies House Link

    NatWest Contact Number and Address

    NatWest’s contact number is +44 (0) 3457 888 444 and it's registered address is:

    250, Bishopsgate, London, England, EC2M 4AA.

    Common Questions

    What is the Natwest Equity Release Scheme?

    How Does Natwest Equity Release Work?

    Is Natwest Equity Release a Good Option for Me?

    What are the Rates for Natwest Equity Release?

    How Can I Apply for Natwest Equity Release?

    Is NatWest a Member of the Equity Release Council?

    Who Owns NatWest?

    Where Can I Find NatWest Jobs?

    Does NatWest Offer Equity Release?

    Is NatWest Safe?

    In Conclusion

    NatWest can be a viable option for remortgaging your home and possibly getting a better deal. 

    You can also explore some of the other services that NatWest offers. 

    It is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA), meaning that it is a reputable and safe financial provider. 

    NatWest equity release may not exist, but if it is a provider you want to consider for an alternative to equity release, you should chat with your financial adviser.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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