NatWest to slash rates
Rates will come down on a range of first-time buyer, fixed rate, tracker and buy-to-let deals, across all LTV bands from 60-90%. Product fees are also being removed on a selection of buy-to-let mortgages.
The most significant residential rate cuts are being made on its higher LTV products.
They include a 0.64% drop in the rate of its 2-year fixed rate 85% LTV no product fee deal to 3.75% and a 0.24% reduction in the rate of its 3-year fixed rate 85% LTV deals to 3.75% with a £995 product fee and 4.35% with no product fee.
There will also be a 0.30% drop in the rates on its 5-year fixed rate 85% LTV deals to 4.39% with a £995 product fee and 4.59% with no product fee and a 0.31% cut in its 2-year base rate tracker 70% LTV deal to 3.39% with no product fee.
Mark Bullard, head of sales at NatWest Intermediary Solutions, said: “I am delighted that we are able to make such significant rate cuts across such a large number of our products.
“The changes being made provide better value to brokers’ residential clients across nearly every LTV banding.
“We are also bolstering our buy-to-let proposition by sharpening some of the rates and removing those deals that have a £495 product fee so that intermediaries have a choice of lower rate/product fee or higher rate/no product fee deals to offer their clients.”
NatWest is also launching a new 5-year fixed rate deal at 3.19%, 70% LTV, with a £995 product fee as well as reducing the fee on its sub-2% 2-year fixed rate 60% LTV deal by £500 so that it now offers a rate of 1.94% with a £995 product fee.