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NatWest increases rates as Hanley Economic BS launches two-year residential deal – roundup

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  • 11/12/2018
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NatWest increases rates as Hanley Economic BS launches two-year residential deal – roundup
NatWest will be increasing its rates, while Hanley Economic Building Society has launched a two-year residential fixed rate deal.

 

NatWest will be introducing rate changes on selected core and semi-exclusive residential as well as buy-to-let (BTL) products tomorrow. The vast majority of changes will see rates rising.

The most extensive increase will hit the core range remortgages, by up to 50bps, while BTL remortgages will also see an increase of up to 50bps.

Among the changes, within the semi-exclusive range NatWest will be launching a new two-year rate at 95% loan to value (LTV) for purchases. It will be also introducing new two-year products from 60% to 90% LTV for remortgages.

The only cuts come on higher loan to value two-year deals within its semi-exclusive residential purchase range by up to 7bps.

Head of sales Mark Bullard, said: “We have taken this time to reposition our portfolio to reflect the current market conditions and balance our mix of business.”

 

Hanley Economic BS

Hanley Economic Building Society has launched a two-year residential fixed rate deal with a headline rate of 1.58%.

The product has a 65% LTV and is available for house purchase and remortgage purposes, with the minimum loan size at £30,000 and the maximum at £1m.

Total fees amount to just £450, including a product fee of £200 which can be added to the loan. It also comes with one free standard valuation and free legals for remortgage customers.

Each case will be looked at on an individual basis by the in-house underwriting team, with no credit scoring.

This product is available through the Hanley Economic Building Society branch network and selected intermediary channels.

David Lownds, head of marketing and business development at Hanley Economic BS, said the launch was targeted at those existing homeowners looking to review their mortgage arrangements come year-end, and for homebuyers looking for the security of a fixed-rate deal amid current political and economic uncertainty.

He added: “This is already ranking very highly on sourcing systems and we expect it will prove to be a popular option for a variety of borrowers and among our intermediary partners.”

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