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Natwest cuts rates; Santander lifts tracker rate – round-up

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  • 03/04/2023
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Natwest cuts rates; Santander lifts tracker rate – round-up
Natwest has reduced rates across its new and existing mortgages for residential and buy-to-let borrowers by up to 0.29 per cent and revised its remortgage options for new borrowers.

The lender relaunched its cashback-free remortgage options with lower pricing.  

For example, its two-year fixed remortgage at 80 per cent loan to value (LTV) with a £995 fee and a rate of 4.84 per cent has been replaced with an equivalent with a rate of 4.59 per cent. The fee-free option with a rate of 5.09 per cent is now 4.89 per cent. 

The options at 85 and 90 per cent LTV replaced with products which have lower rates of up to 0.25 per cent, such as the fee-free remortgage at 85 per cent LTV which was 5.13 per cent and is now 4.89 per cent. 

Five-year fixed remortgages for new borrowers have been replaced by products which are up to 0.16 per cent cheaper. 

It also withdrew two-year tracker mortgages between 80 and 90 per cent LTV. 

Other notable rate changes include the five-year fixed purchase product at 60 per cent LTV which has been reduced by 0.15 per cent to 3.94 per cent. This has a £1,495 fee. 

The five-year fixed remortgage at the same tier with a £995 fee has been cut by 0.1 per cent to 3.94 per cent. 

First-time buyer, shared equity and green mortgage rates have been cut as well as switcher rates for residential and buy-to-let existing borrowers. 

Natwest also replaced its two and five-year fixed green remortgages at 85 per cent LTV with rate cuts of up to 0.25 per cent. 

 

Santander 

Santander has increased the pay rate of its tracker mortgages by 0.25 per cent, to reflect the rise in the Bank of England’s base rate. 

This will apply to new business and product transfer deals from 4 April and fixed rate products will be unaffected. 

Existing Santander and Alliance and Leicester customers who are on a base rate tracker mortgage will see their rate increase by 0.25 per cent from the beginning of May. 

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