Borrowers who take out a tracker deal with NatWest will be able to instantly switch to a fixed-rate mortgage if interest rates fall.
The high street bank has removed its 90-day waiting period for tracker deals in a bid to compete for customers who want flexibility while mortgage rates remain volatile.
Tracker deals, which have variable pricing and are typically pegged to the Bank of England base rate, have become more popular since fixed rates started soaring last year. A year ago only 2 per cent of new mortgages were taken out on variable rate deals, the banking trade body UK Finance said but this was up to 14 per cent by March.
Mortgage rates have skyrocketed over the past year, driven first by the
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