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NatWest slashes BTL rates and fees

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  • 10/08/2017
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NatWest slashes BTL rates and fees
NatWest is making interest rate cuts of more than 1% on many buy-to-let mortgages and slashing some product fees by £1,000.

It will also be making rate reductions on two 95% loan-to-value (LTV) residential deals.

Yesterday the lender revealed its plans for the buy-to-let portfolio sector which included a substantial overall of the application process.

A total of 15 buy-to-let rate changes will go live tomorrow, with the biggest rate reduction on a five-year fixed-rate, 70% LTV, fee free, buy-to-let purchase mortgage which is being cut by 156bps to 3.08%.

In all, five two-year and five-year fixed-rate deals will see rates cut by at least 100bps.

Meanwhile, nine buy-to-let deals will see product fees cut from £1,995 to £995.

 

Residential rate cuts

NatWest is also cutting rates on two 95% LTV residential mortgages.

A two-year fix with no fee will be cut by 38bps to 3.95%, while the five-year fix will be cut by 36bps to 4.45%.

NatWest head of sales Mark Bullard (pictured) said: “Having declared our intent to continue to fully support the buy-to-let sector under the new Prudential Regulation Authority (PRA) requirements, it’s timely that we are able to announce such significant cuts to both our rates and product fees on so many of our buy-to-let deals.

“We want to remain competitive in this sector and will continue to work with intermediary firms on developing our buy-to-let proposition which we will look to improve in the autumn.”

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