The changes to NatWest’s new business rates will come into effect from 6 March. Around 18 products are seeing their rates increase, while around 12 will be cut.
Within its residential range, select rates are falling by around 0.05%, with an example including its two-year fixed rate purchase deal at 60% loan to value (LTV) with no fee going from 4.46% to 4.41%.
Select residential rates are rising by around 0.08%, including its fee-free two-year fixed rate purchase product at 90% LTV going from 5.2% to 5.28%.
On the first-time buyer side, rates are increasing by around 0.08%. For example, its two-year fixed rate purchase deal at 90% LTV with no fee and £250 cashback will rise from 5.2% to 5.28%.
NatWest’s five-year fixed rate purchase deal at 90% LTV will go from 4.67% to 4.74%. It has a product fee of £995 and £250 cashback.
Welcome to the future: how collaboration is driving the shift to digital home buying
Sponsored by Halifax Intermediaries
The lender’s shared equity deals will fall by around 0.05%, with its fee-free two-year fixed rate at 60% LTV decreasing from 4.61% to 4.56%.
NatWest’s two-year fixed rate purchase green mortgage deal at 75% LTV with a £995 fee will decrease from 4.33% to 4.29%.
The lender said brokers will be able to produce mortgage illustrations and submit applications online for existing deals until 10:30pm on 5 March.
NatWest recently enhanced its loan-to-income (LTI) calculations for residential capital and interest mortgages, enabling select borrowers to access loans up to five-and-a-half times their income.
Gen H slashes rates
Gen H has lowered rates by up to 0.14% in its core and homebuying bundle range, and by up to 0.3% in its retention range.
Within its core and homebuying bundle ranges, two- and three-year low-LTV deals will decrease by 0.1% while its five-year equivalents will decrease by 0.14%.
On the retention side, Gen H has cut its two-year low-LTV products by around 0.1% and three-year low-LTV deals by around 0.3%.
In the same range, five-year products at 60% and 70% LTV will fall by around 0.28% while five-year products at 75% and 80% LTV will decrease by around 0.23%.
Pete Dockar, chief commercial officer at Gen H, said: “If there is ever an opportunity to make rate reductions, we will work quickly to make it happen. We found an opportunity to support a variety of new and existing clients across two-, three- and five-year products and are delighted to have them live for our broker partners to kick-start a busy March.”
