The largest reduction has been made to the two-year fixed Help to Buy remortgage at 60 per cent loan to value (LTV), which has gone down from 6.3 per cent to 5.54 per cent. This has no fee and is available to new borrowers.
The option with a £995 fee and £500 cashback has been cut by 70bps from 5.99 per cent to 5.29 per cent.
Also open to new business, is the two-year fixed purchase product at 60 per cent LTV with a £995 fee which has fallen from 5.87 per cent to 5.4 per cent. The fee-free alternative has dropped from 6.12 per cent to 5.75 per cent.
This has an equal rate to the 90 per cent LTV option with a £995 fee, which has reduced from 6.04 per cent to 5.75 per cent.
Two and five-year fixed remortgages have seen rate cuts of up to 50bps, while five-year fix purchases have reduced by as much as 54bps.
Rates for existing borrowers have fallen by as much as 0.55 per cent across Natwest’s two and five-year fixed switcher and tracker mortgages for residential, high value and buy-to-let borrowers.
Bank of Ireland to cut mortgage rates
Bank of Ireland will reduce its mortgage rates from tomorrow, with products priced below five per cent.
This includes a five-year fixed deal at 60 per cent LTV, which now has a rate of 4.9 per cent down from 5.18 per cent. This has a £1,495 fee and offers £250 cashback. The two-year fixed alternative has a rate of 5.13 per cent, down from 5.43 per cent.
At 75 per cent LTV, the two-year fix has a rate of 5.24 per cent, the three-year fix is priced at 5.42 per cent and the five-year fix has a rate of 4.94 per cent. There is also a seven-year fix priced at 5.18 per cent. These represent rate cuts of up to 25bps.
At 85 per cent LTV, rates vary from 5.11 per cent for a five-year fix to 5.38 per cent for a two-year fix.
Rates range from 5.48 per cent for seven-year fix to 6.12 per cent for a two-year fix at the 90 per cent LTV tier.
Updated rates apply from tomorrow.
