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The lender has withdrawn its entire residential and buy-to-let purchase and remortgage tracker products.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