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NatWest slashes rates by more than two per cent

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  • 18/01/2021
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NatWest slashes rates by more than two per cent
NatWest has cut rates on its residential mortgages with some products reduced by as much as 256 basis points (bps).

 

The largest reductions include its five-year fixed remortgage deal at 60 per cent loan to value (LTV) which now has a rate of 1.88 per cent down from 4.44 per cent. 

The alternative option at 75 per cent LTV has also seen a significant cut from 4.63 per cent to 2.23 per cent. 

Both products have no fee and £500 cashback. 

For purchasing customers, reductions of 62bps have been made to two-year fixes and five-year fixes have gone down by as much as 116bps. 

First-time buyer offerings at 80 per cent LTV have also been decreasedthe two-year fixed mortgage has been reduced by 11bps to 2.53 per cent while the five-year alternative at the same tier is 2.73 per cent down from 3.38 per cent. 

For borrowers purchasing through shared ownership or the Help to Buy scheme, two-year fixes have been reduced by 0.63 per cent and five-year fixes are down by 1.3 per cent. Rates now vary from 1.48 per cent at 60 per cent LTV to 2.2 per cent at 75 per cent LTV.

Mark Bullard, head of sales at NatWest, said: “These reductions underline our commitment to the intermediary market and our improved service proposition.  

“I’m delighted that we are making reductions across a wide selection of LTV bandings that support numerous customer types; from first-time buyers, to those looking to purchase or for shared equity mortgages.” 

 

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