NatWest has confirmed it is making a number of reductions to its mortgage rates, which will apply to loans within the remortgage, residential and buy-to-let ranges.
Those rate reductions will cover almost all of the loans in these ranges and, in some cases, they are significant cuts. Many of the loans have had their rates reduced by as much as 0.46%, particularly in the remortgage range. NatWest has cut its fixed two-year residential remortgage rates by a maximum of 28bps. That means the lowest rate that a borrower can now get is 4.20%.
The largest remortgage rate cuts of all can be found among the products with loan-to-value (LTV) of 90%. It is those that have been reduced by 28bps, with the lowest available rate now being 5.23%. When it comes to fixed five-year remortgages, it is also those with high LTVs that have had their rates cut the most.
NatWest has reduced its fixed two-year residential rates by a maximum of 0.15%, which means the lowest available rate is now 4.15%. This is for a product with LTV of 60%. Again, more sizeable rate reductions can be found among loans where the LTV is 90-95%.
The largest buy-to-let reduction is for the fixed rate two-year product with LTV of 75%. Here, the lowest rate is now 4%, whereas it was 4.46% before. Fixed five-year buy-to-let loans also come with lower rates now.
Anyone who has done the CeMAP mortgage advisor course will welcome these reductions, as they could push other lenders to follow suit.
