NatWest has had to increase the rate of a competitive mortgage deal – because it has proven too popular.
The 5-year fixed rate mortgage had an interest rate of 2.95% but that went up to 3.09% on 11 September. The product was only launched on 30 July.
A spokesman said, “It has been a popular product and you have to balance the mix of business you receive as a lender in order to maintain service standards.” Basically, that means NatWest have had to increase the very competitive rate to quash interest.
Who says no one is lending money?