NatWest has become the latest in a string of UK mortgage lenders to confirm cuts to the rates for its buy-to-let and residential loan ranges, some by as much as 55bps.
The lender has followed in the wake of HSBC with this move, with the changes to be applied more or less immediately. Rates for its slate of residential purchase mortgages will be going down by a maximum of 35bps, while some of its tracker mortgage rates have been cut by 55bps. Rates for fixed remortgage loans from NatWest have been reduced by 8bps in some cases, while for the tracker ones the biggest cuts are by 46bps.
NatWest has also lowered rates for mortgages targeted at people buying for the first time by as much as 19bps in some instances. Other areas of the NatWest mortgage range where rate cuts are being introduced include remortgage and purchase green mortgages, by 6bps maximum.
According to Financial Reporter, the opinions of mortgage advisors concerning these rate cuts were sought by Newspage. EHF Mortgages managing director Justin Moy stated that the purchase and tracker cuts were particularly significant, adding:
“Some of these reductions bring NatWest back in line with the rest of the market. I am sure others will follow the lead from HSBC and NatWest later this week.”
The lender has also confirmed some changes to fee levels on remortgage and five-year fixed loans.
Those with CeMAP course training will be looking at the reductions in interest rates among mortgage lenders as a positive sign for borrowers.
