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Natwest makes buy-to-let rate changes; Santander makes application changes – round-up

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  • 10/06/2024
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Natwest makes buy-to-let rate changes; Santander makes application changes – round-up
High street lender Natwest has made a raft of rate changes across its new business buy-to-let range, including purchase, remortgage and green mortgage deals.

On the buy-to-let purchase side, rate decreases of between 20 basis points and four basis points will be made on selected two and five-year fixed rate deals.

The lender is also increasing selected two and five-year fixed rate deals by around eight basis points and 20 basis points.

Within its remortgage range, rate decreases ranging from 15 basis points and nine basis points will be applied to select two and five-year fixed rates, while increases of five basis points will be made on two-year 60% loan to value (LTV) products.

Its two-year fixed rate purchase will be priced from 4.61%, with its remortgage deal starting from 4.81%. Five-year fixed purchase rates begin from 4.63% and remortgage pricing starts from 4.66%.

Selected buy-to-let green purchase two and five-year fixed rates will be increased by between eight basis points and 20 basis points, while its two-year deal at 65% LTV will be cut by five basis points.

Two and five-year buy-to-let green remortgage deals will fall by 15 basis points to two basis points, and its two-year 65% LTV deal will also increase by five basis points.

Santander makes multiple loan submission changes

Santander has made changes so brokers can switch client’s pre-booked deals online if the mortgage has multiple loan parts.

The lender said that this could be done online when the number of pre-booked loan parts are the same or increase.

The firm said on applications with multiple loan parts with a decrease in the number of pre-booked parts in the transfer, this would need to be done by email.

As an example, if a client has five loan parts and a broker had pre-booked a deal for two of them, this could be changed online if the same two loan parts were selected or if further loan parts were added.

Santander added that there is now an option to add an admin email address when submitting a product transfer so an admin can receive a copy of update emails.

The move comes after the lender made changes to its buy-to-let affordability. 

 

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