The lender is making the changes from tomorrow to its core and semi-exclusive residential and buy-to-let purchase and remortgage deals.
More than 40 products are seeing rates cut with more than a dozen reduced by 50 basis points while many others are also being trimmed by at least 20 basis points.
NatWest is also marginally increasing 16 product rates – with five basis points being the biggest increase.
Head of sales Mark Bullard (pictured) said: “We have taken this time to reposition our portfolio to reflect the current market conditions and balance our mix of business. This includes reductions of up to 50bps in selected two- and five-year deals.”
Barclays is also making changes to its range of products in a bid to address market competition.
The lender is introducing a set of products with a £299 fee, increasing cashback from £200 to £300 on certain products, and also increasing its loan size cap on 95% loan to value (LTV) deals.
In making the announcement the lender said it was making the changes “following recent competitor movements” and to ensure it remained competitive.
The largest rate reduction is 17 basis points on a buy-to-let purchase or remortgage deal, while the £299 fee products are available in two-year and five-year fixes at either up to 60% LTV or up to 90% LTV.