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NatWest cuts rates and increases cashback in product refresh

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  • 06/04/2021
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NatWest cuts rates and increases cashback in product refresh
NatWest has made changes to its mortgages for new and existing borrowers including rate reductions, increased maximum loans and introducing £500 cashback.

 

Its two and five-year fixed remortgages for high value customers have had rate cuts up to six basis points and product fees increased from £995 to £1,495. 

A pair of purchase products have been added to its 70 per cent loan to value (LTV) offering, including the two-year fixed set at 1.33 per cent and the five-year fixed at 1.53 per cent. Both products have fees of £1,495. 

Maximum loan sizes on two and five-year fixed remortgages have risen from £349,000 to £2m. 

First-time buyer mortgages have been replaced with products where the cashback has been increased from £250 to £500. Rates have also been reduced but the previously fee-free range now has completion fees of £995. 

The two-year fixed first-time buyer mortgages now vary from 2.04 per cent at 80 per cent LTV to 3.13 per cent at 90 per cent LTV. This is down from rates of 2.48 per cent and 3.43 per cent respectively. 

For five-year fixes, the rate on an 80 per cent LTV first-time buyer mortgage is 2.23 per cent, down from 2.58 per cent. Five-year fixes have also been introduced for first-time buyers at 85 and 90 per cent LTV with rates of 2.8 per cent and 3.42 per cent respectively. 

Elsewhere, residential product switches fixed for two or five years have been replaced with mortgages which have rates one per cent lower than the previous offering. 

Changes are effective from tomorrow. Advisers can produce mortgage illustrations and submit applications for existing products until 10.30pm today.

 

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