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 Announces Over 200 Mortgage Rate Cuts
NatWest is set to implement more than 200 rate reductions across its new business mortgage range on Monday, with some rates dropping by up to 24 basis points. The changes will affect both buy-to-let and residential products, although some existing customer rates are set to rise.
The lender’s move follows similar rate cuts by Nationwide and Barclays earlier in the week. In contrast, Halifax has increased rates on many of its products, which brokers have described as an effort to manage lending volumes.
For landlords, NatWest’s largest reduction is a 24 basis point cut to a two-year fixed buy-to-let remortgage deal at 75% loan-to-value (LTV) with no fee, lowering the rate from 5.41% to 5.17%. Several buy-to-let purchase deals at the same LTV will see reductions of 22 basis points, as part of wider cuts across the landlord range.
In the residential sector, first-time buyers and home movers borrowing at high LTVs will also benefit. A two-year fixed purchase mortgage at 95% LTV with no fee will drop by 21 basis points, from 5.59% to 5.38%. At the same LTV, a five-year fixed purchase deal with no fee will be reduced by 19 basis points, from 5.49% to 5.3%. For first-time buyers, a two-year fixed at 90% LTV with a £995 fee and £250 cashback will fall by 16 basis points, from 5.02% to 4.86%.
These changes are part of a total of 216 price reductions NatWest is making on Monday.
Source: Mortgage Strategy