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NatWest cuts rates, Cambridge BS and Scottish BS tweak criteria – roundup

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  • 30/07/2019
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NatWest cuts rates, Cambridge BS and Scottish BS tweak criteria – roundup
NatWest Bank is cutting rates on dozens of products while two building societies have adjusted criteria.

 

NatWest is introducing rate changes on selected core and semi-exclusive residential products and buy to let deals of up to 15 basis points (bps) on 31 July.

The reductions will apply to new business and existing customers and are available on intermediary exclusives and the core range.

For new customers, changes to intermediary exclusives include purchase rate reductions of up to 10bps on two- and five-year deals between 60 and 85 per cent loan to value (LTV).

Remortgage and buy-to-let rates will also be reduced by up to 15bps on two- and five-year deals between 60 and 85 per cent LTV.

Meanwhile, rate on the core range for new business will be reduced by up to 10bps.

And existing customers will see product switch rates for residential and buy-to-let cut by up to 10bps and 15bps respectively.

Head of sales Mark Bullard (pictured), said: “I’m pleased that we’re demonstrating our appetite to lend by making further rate reductions across a wide variety of products and LTV bandings.

“We have also taken this opportunity to make rate reductions in our buy-to-let portfolio, which comes quickly on the back of our recent positive changes to our buy-to-let calculator.”

 

Cambridge Building Society

Cambridge BS has cut rates and lengthened its maximum mortgage term to help support first-time buyers.

The reduced rates apply to its two-year discounted rate and five-year fixed rate products at 95 per cent LTV – available at 2.79 per cent and 3.49 per cent respectively.

The Cambridge has also introduced a fee-free five-year fixed rate deal for the first time since 2018 which is offered at 2.79 per cent for its 80 per cent LTV product.

Tracy Simpson, head of lending at the Cambridge said: “Through the combination of launching both reduced rates on our 95 per cent LTV products and a 40-year maximum term option we are ensuring both our products and criteria best support first-time buyers making that step onto the housing ladder.”

 

Scottish Building Society

Meanwhile, Scottish BS has increased the maximum loan size on its self-build mortgages.

It will now offer loans up to £400,000 at up to 70 per cent LTV and as high as £350,000 at up to 80 per cent LTV.

The mutual will also consider the use of Crofter’s Grants in conjunction with self-build projects.

 

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