NatWest cuts rates on over thirty deals
In total the bank is reducing rates on over thirty of its residential and buy-to-let mortgage deals. The majority of its five-year fixed rate mortgages will see significant rate cuts – including a sub-3% deal.
Other reductions are being made to its 60% LTV two and three-year deals and Help to Buy: mortgage guarantee scheme 95% LTV mortgages.
On the residential side, the largest rate reductions are being made on the five-year fixed rate deals:
• 39bps cut to 2.99% on the 60% LTV/£995 product fee mortgage
• 35bps cut to 3.44% on the 60% LTV/£0 product fee mortgage
• 35 bps cut to 3.54% on the 70% LTV/£0 product fee mortgage
• 34bps cut to 3.25% on the 70% LTV/£995 mortgage
The rates on both its Help to Buy: mortgage guarantee scheme deals – a two and a five-year fixed rate at 95% LTV – will come down by 20bps. This means the two-year fixed rate reduces from 5.45% to 5.25% at 95% LTV with no product fee, and the five-year rate reduces from 5.89% to 5.69% at 95% LTV and no product fee.
Changes to purchase and remortgage deals include reducing the two-year fixed rate from 2.25% to 1.94% at 60% LTV (£995 product fee).
Mark Bullard (pictured), head of sales at NatWest Intermediary Solutions, said: “We’ve enjoyed great support from the mortgage intermediary sector this year which has resulted in us being able to significantly increase our lending. Our appetite for mortgage lending remains high so I am really pleased that we are able to unveil such an eye-catching selection of rate reductions.”
He added: “The combination of reliable service, strong affordability, the enhanced proc fees we brought in last week and this rate change offers intermediaries a compelling reason to do more business with us.”