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Halifax makes interest-only change; Natwest ups existing customer rates – round-up

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  • 07/05/2024
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Halifax makes interest-only change; Natwest ups existing customer rates – round-up
Halifax has increased the maximum loan to value (LTV) for its part interest-only/part capital repayment mortgages from 75% to 85%.

Halifax said that the change will allow customers who are “taking some of their borrowing on an interest-only basis to borrow at an overall higher LTV”.

The lender continued on to say that the maximum loan amount available on a pure interest-only basis is still 75%, subject to full criteria, and the maximum amount allowed on interest-only for sale of mortgaged property is also unchanged.

The change applies for applications started from 30 April, and for applications started before this date, the change will not apply.

 

Natwest increases existing customer rates

Natwest is upping the rates of select core residential products for existing customers by as much as 0.12%.

The changes to its existing customer rates will come into force from tomorrow.

On the two-year fixed rate switcher side, its 60% LTV product with no fee is going up from 5.15% to 5.27%. Its £495 fee version will go from 4.99% to 5.04%, and its £995 fee version will increase from 4.79% to 4.89%.

At 75% LTV, Natwest’s two-year fixed rate switcher product with no fee will rise from 5.25% to 5.32%.

Within its five-year fixed rate switcher products, the lender’s 60% LTV with £995 fee will go from 4.49% to 4.53%, while for its £495 fee version, the rate will increase from 4.59% to 4.64%.

The fee-free version will rise from 4.69% to 4.79%.

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