With rates rising across the mortgage market, it is refreshing to see a lender going for market share through offering a fee free remortgage.

Natwest are to offer a three year step down tracker remortgage, available to homeowners who have at least 10% equity in their homes (90% loan to value). 'Step down' means that the rate  decreases every year.

Customers also have the assurance that they can switch to a fixed rate at any time after three months have elapsed. All of this is offered 'fee free', ie with legal costs included as well as no arrangement fee.

Andy Fell, head of mortgages at NatWest, stated: "At a time when there is uncertainty and complexity within the mortgage market, we wanted to offer our customers a competitive and transparent deal. With no set up fees and the downward stepping of interest rates, we are confident that our new deal will be popular with remortgage customers."

Roy Berry, Director at The Mortgage Provider Ltd said "... before the credit crunch hit, people were spoilt for choice with lenders falling over themselves to offer fee free deals. They are rare today, which makes Natwest's announcement so welcome"