News
Natwest and Clydesdale Bank make mortgage withdrawals – round-up
Natwest has withdrawn several mortgage products and increased select rates for new borrowers.
The bank said this was to simplify its mortgage range and the changes apply up to 90 per cent loan to value (LTV). It will still offer mortgages at 95 per cent LTV.
The bank has increased two and five-year fixes at 75 per cent LTV. This applies to purchase and remortgage products and there are now two options for a two or five-year fix with either a £995 fee or no fee.
Rates have increased by as much as 0.45 per cent and now start at 5.19 per cent for a five-year fixed purchase mortgage with a £995 fee, up to 5.93 per cent for a two-year fixed remortgage with no fee.
The rates on its shared equity mortgages have also gone up by as much as 0.13 per cent for two and five-year fixes at 75 per cent LTV. Help to Buy mortgages have risen by as much as 0.3 per cent.
Natwest has also pulled a series of fixed rates from its range.
Mind over mortgages: why we need to look after intermediaries’ mental health
Sponsored by Halifax Intermediaries
From 16 June, it will no longer offer fixed rates for two-year purchase mortgages at 60, 80 or 85 per cent LTV, and will have only tracker deals available. This also applies to corresponding remortgage deals.
Clydesdale Bank pulls deals
Clydesdale Bank has temporarily removed all its mortgage for new borrowers.
The lender reassured that products to new borrowers will still be available through Virgin Money as normal and it will still offer product transfers to existing borrowers.
It said this was due to high demand and said new products will be launched next week.