The largest reduction has been made to its two-year fixed remortgage at 85% loan to value (LTV) with a £995 fee and £250 cashback. The high-value option now has a rate of 5.09%, while the standard product has a rate of 5.35%.
With a £1,495 fee, the same product has also been cut by 0.36% to 4.94%, while the deal with a £995 fee and no cashback has been reduced by the same amount to 4.99%.
Other significant cuts have been made to NatWest’s two-year fixed remortgages, including the deal at 90% LTV with no fee and £250 cashback, which has gone down by 0.2% to 5.83%, and the option with a £995 fee and no cashback, which has been cut by 0.28% to 5.42%.
Also at 90% LTV, the two-year fixed remortgage with a £995 fee and £250 cashback has been cut by 28bps to 5.42%, and the option with no fee or cashback has gone down from 6.03% to 5.83%.
Changes have also been made to the lender’s two-year fixed purchase products from 60% to 95% LTV.
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Across NatWest’s five-year fixes, purchase rates have been reduced by up to 0.1% and remortgage rates by up to 0.25%.
The lender has also cut rates across first-time buyer, shared equity, Help to Buy and green mortgage deals.
Paragon Bank cuts BTL rates by up to 0.3%.
Paragon Bank has reduced its buy-to-let (BTL) mortgage rates by as much as 0.3%, putting them at their lowest level since 2022.
Rates now start from 3.34% for a two-year fix up to 70% LTV for single self-contained (SSC) properties with Energy Performance Certificate (EPC) ratings from A to C. The product is subject to an interest coverage ratio (ICR) of 5.5% and a 5% fee.
The lender also has two-year fixes up to 75% LTV to purchase or remortgage SSCs. Pricing starts at 4.34% on its green mortgage, or 0.05% more for homes with EPC ratings of D or E.
A nil-fee option is also available, with rates beginning at 5.84%.
These products have ICRs at 2% higher than the initial rates.
Corresponding deals are available for houses in multiple occupation (HMOs) and multi-unit block (MUB) properties, with rates at 3.59% with a 5% fee, 4.59% with a 3% fee and 6.09% with no fee.
The products have a free valuation and £299 application fee. They are open to landlords purchasing or remortgaging properties either as individuals or through limited company structures in England, Scotland and Wales.
James Harrison, mortgages product manager at Paragon Bank, said: “We’re really pleased to reduce rates on two-year fixes, taking 30bps off across the range. It’s great to be able to offer landlords rates that start at 3.34%, our lowest for almost three years.
“Brokers tell us that two-year fixes are popular with their clients currently, with many wanting the certainty of a fixed rate product over a shorter term, with the anticipation that borrowing will be cheaper in two years. We’ve launched these products in response to this input, so I’m sure they will be well-received by the market and support much-needed investment in privately rented homes.”
At the end of last month, Paragon Bank unveiled a new BTL mortgage originations platform.
