NatWest is urging Halifax, Abbey, Lloyds TSB, and Barclays customers to switch their mortgage to NatWest.
The Royal Bank of Scotland brand promises to give £1,000 to customers if they are coming to the end of their current fixed, discount or tracker deal and NatWest is unable to lower the monthly repayments on the new deal they are being offered by their lender.
There are conditions, though. Customers must have their mortgage with the providers listed and it must be for at least £50,000 with a loan to value of 75 per cent or less, and it must be ending shortly.
It excludes internet, staff concessionary, buy-to-let, stepped, offset, current account, extended tie-ins and any deal with a product fee of more than £999.
The monthly repayment comparison will be made against NatWest’s two-year tracker mortgage which is 0.11 per cent below base until September 2009 with an APR of 7.4 per cent.
NatWest mortgages managing director Craig Donaldson says: “For the majority of people the monthly mortgage repayment is their biggest outgoing and so it pays to shop around. The NatWest mortgage range is designed to make it simple for customers to choose the right deal for them.”