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 Cuts Mortgage Rates Across Residential and Buy-to-Let Products
NatWest has announced reductions to its mortgage rates by up to 15 basis points, effective today. The changes apply to both new customer and product transfer deals, with the largest cuts seen in some buy-to-let (BTL) products for landlords.
The lender revealed the rate changes late on Friday, coinciding with similar announcements from Halifax and BM Solutions, who also lowered prices today. NatWest’s latest rate cuts are wide ranging, covering both residential and buy-to-let mortgages.
For landlords, the most significant reduction is a 15 basis point cut to a BTL two-year fixed remortgage at 75% loan-to-value (LTV), which has dropped from 5.05% to 4.9% with a £995 fee. The BTL green remortgage two-year fix at the same LTV has also been reduced by 15 basis points, from 4.99% to 4.84%, also with a £995 fee. Alternatives to both products are available at the same rates, offering £350 cashback instead of free legals.
In the residential range, notable reductions include a two-year fixed for purchase at 95% LTV, which has decreased by 10 basis points from 5.6% to 5.5% with no fee. A five-year fixed for purchase at 90% LTV has also been cut by 10 basis points, from 5.04% to 4.94% with a £995 fee.
NatWest has also trimmed rates across many other products in its range today.
These changes may be relevant to letting agents and inventory clerks monitoring mortgage trends for landlords and tenants, as well as those advising on buy-to-let property transactions.
Source: Mortgage Strategy