NatWest shortens mortgage locking period to four months
- From December 1, NatWest will reduce the mortgage securing time from six months to four months.
- This change aligns with trends set by other lenders such as Barclays, which has reduced its securing time to three months.
- Homeowners should begin comparing mortgage rates early to secure better deals before fixed-rate deals expire.
In December 2024, NatWest announced a significant change to its mortgage policy, decreasing the time borrowers have to secure a new mortgage before their current deals expire. This shift reduces the period from six months to four months. Other lenders have made similar adjustments recently, with Barclays dropping the securing time from six months to three months earlier in September. Meanwhile, Halifax, Lloyds, Nationwide, and Santander have also followed suit with the four-month limit. In contrast, HSBC and Virgin Money maintain a longer securing period of six months. These changes impact around 1.6 million fixed-rate mortgage deals set to expire in 2024, prompting households to explore alternative mortgage options and potentially face increased monthly payments as they may transition to their lender's more expensive standard variable rates once their fixed rates end.