Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
NatWest Raises Rates on Residential and Buy-to-Let Mortgages
NatWest is set to increase rates on a range of its mortgage products, with some deals rising by up to 20 basis points from tomorrow. This follows similar rate hikes announced this week by other major UK lenders, including Halifax, TSB, Barclays, HSBC, Skipton Building Society, and Santander.
The rate increases at NatWest will affect both residential and buy-to-let customers. The changes apply to deals for new borrowers as well as product transfers. The largest increases are on five-year fixed rate products. For example, a residential purchase deal at 75% loan-to-value (LTV) with no fee will rise from 4.74% to 4.94%. Another five-year fix for residential purchase at 80% LTV with no fee will increase from 4.77% to 4.97%. The 95% LTV version of the same product will go up from 5.29% to 5.49%, also with no fee. Several other five-year fixed rates will see similar increases.
NatWest's changes are part of widespread increases across its product range, with many deals rising by between 1 and 19 basis points. While most major lenders have raised rates, Shawbrook has reduced some prices, and other buy-to-let lenders such as Keystone have also increased rates.
These developments are relevant for UK letting agents and inventory clerks, as changes in mortgage rates can impact landlord costs and the wider buy-to-let market.
Source: Mortgage Strategy