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Natwest ups rates and pulls mortgage deals

Christina Hoghton
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Christina Hoghton

Mortgage rates are increasing across the market, following the hike in the Bank of England base rate

Natwest has increased the rates on a series of mortgages and withdrawn selected products.

Rates will rise on two and five-year fixed purchase and remortgage products at 85 to 90 per cent loan to value (LTV) by 0.2 per cent.

This includes the two-year fixed rate at 85 per cent LTV, which has gone up to 2.22 per cent for both a purchase and remortgage as well as the five-year fixed rate alternatives which have increased to 2.26 and 2.31 per cent respectively.

At 90 per cent LTV, these changes represent a rise from 2.07 per cent to 2.27 per cent for a two-year fixed rate purchase and an increase to 2.54 per cent for a remortgage.

The five-year fixed rate purchase mortgage at 90 per cent LTV has risen to 2.68 per cent and the remortgage deal has increased to 2.95 per cent.

For first-time buyers, rates have also increased by 0.2 per cent at 85 to 90 per cent LTV.

Mortgage guarantee products at 95 per cent LTV have gone up by the same amount to 3.04 per cent for a two-year fixed rate and 3.28 per cent for a five-year fixed rate.

Withdrawn products include the fee-free two and five-year fixes between 60 and 90 per cent LTV, as well as remortgage options.

Fee-free shared equity and Help to Buy mortgages at 60 and 75 per cent LTV have also been pulled, including two and five-year fixed rates.

Buy-to-let deals at 60 and 75 per cent LTV, either with no fee or a £1,995 fee, have also been retracted.