NatWest cuts BTL and residential rates
The buy-to-let deals will see reductions of between 10-55bps across its 2, 3 and 5 year fixed rate and 2 year tracker products.
For example, on its two-year BTL fixes, it will offer rates of 2.25% on 60% LTV and 3.04% on its 75% LTV deal. On a three-year fix it will offer rates of 3.15% on 60% LTV and 3.41% on a 75% LTV. Over five years the rates will be 3.61% at 60% LTV and 4.13% with a 75% LTV.
A £1,995 product fee applies to all the BTL fixes. If your client would rather not pay a product fee, NatWest offers a two-year fix at 3.44% on 60% LTV; a three-year fix at 3.93% on 60% LTV; and a five-year fix of 4.05% at 60% LTV.
Paul Kane, acting head of sales at the lender, said: “We have made great in-roads into the buy-to-let market since we simplified our rental calculation 18 months ago.
“We have ambitions to continue our growth in buy-to-let by focusing on the smaller portfolio/non-professional landlord sector. These rate reductions should give intermediaries more attractive options to discuss with their landlord customers.”