NatWest has launched a new best buy 5-year fixed rate mortgage mortgage deal, available at 3.83% with a £1,495 fee.
The deal was launched as another direct-only product, following NatWest’s initial direct to client best buy earlier in the month.
Nicholas Mendes, mortgage technical manager and head of marketing John Charcol, said: “I’m deeply disappointed with NatWest’s decision to lower its direct-only mortgage rate to 3.83% with a £1,495 fee.
“This further widens the gap between what they offer directly to customers and what’s available through brokers, currently standing at 3.89% with the same £1,495 fee.
“It’s frustrating to see that feedback from the last time hasn’t been taken on board.
“This latest deal puts them ahead of the current best buy from Barclays, which is 3.84% with a £899 fee.
“This move feels like another clear sign that NatWest is neglecting the broker community rather than working to strengthen our relationship.
“Brokers play a crucial role in the mortgage market, helping clients navigate complex decisions and ensuring they find the right products.
“By continuing down this path, NatWest risks alienating brokers and undermining the trust that has been built over time.”
He added: “I had hoped that after the previous feedback, NatWest would take steps to close this gap, not widen it further.
“Unfortunately, this latest move suggests otherwise, and it’s disheartening to see that the value of brokers in the market isn’t being recognised as it should be.
“In my view, it’s vital for NatWest to reconsider this approach and take meaningful steps to rebuild its relationship with brokers.
“The success of the mortgage market depends on collaboration, and it’s in everyone’s best interest to work together.
“I hope NatWest will acknowledge the importance of this and make the necessary adjustments.”
The Intermediary has reached out to NatWest for comment.