RBS & NatWest cut fixed and tracker rates

Announcing the change Andy Fell, director of branch mortgages at the bank, said "In these uncertain times, we are committed to helping borrowers who are looking for either their first mortgage or a new competitive deal. We are giving practical support by providing lower rates on all our fixed and tracker mortgages and at the same time, we still have discounts on arrangement fees of £100."

A two-year fix for those with a 25% deposit now has rates of 6.19% for purchases and 6.29% for those remortgaging; the two year fix for purchasers with a 10% deposit has a rate of 6.64%. A five-year fix for those with a 25% deposit now has rates of 6.34% for those remortgaging and 6.24% for those purchasing. Those with a 10% deposit can get a five-year fix at 6.69%. The fee on all products is £899.

In addition, NatWest has recently launched a 3 year step down tracker which is completely fee free, meaning there are no set up fees, no legal, valuations or CHAPS fees to pay for a standard remortgage. The step down tracker has a decreasing rate of interest across the 3 years and also offers customers a ‘Track & Switch' facility, allowing customers to switch to a NatWest fixed rate mortgage product after 3 months if they wish.

Unfortunately the mortgage cuts are just for those taken out at branches but hopefully are a sign of things to come.