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NAB-owned UK banks offer free home insurance

by Staff Reporter7 minute read
The Adviser

Two of NAB’s UK-based banking institutions, Yorkshire Bank and Clydesdale bank, are attempting to ramp up their competitive presence in the banking sector by offering new mortgage and remortgage (refinance) customers free home insurance.

Depending on their financial needs, new customers taking out selected mortgage and remortgage deals can choose free home insurance, or discounts on their arrangement fees.

Between Monday 18 January and 28 February 2010, mortgage and remortgage customers transferring to Yorkshire Bank or Clydesdale Bank from another lender, can choose either £1,000 ($1,763) worth of free building and contents insurance or have £500 ($881) slashed from their arrangement fee.

Moreover, the two mortgage lenders have also reduced the rates on a variety of mortgage products, including the 75 per cent loan-to-value two year fixed rate mortgage, which dropped 30 basis points from 4.49 per cent to 4.19 per cent.

Yorkshire Bank’s head of retail Gary Lumby said the new offers were an example of the bank’s commitment to competition in the sector.

"By combining a range of competitive remortgage and home-mover products with up to £1,000 ($1,763) of free insurance or £500 ($881) towards arrangement fees we're offering great value and choice,” Mr Lumby said.

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