NatWest has launched a new range of fixed rate mortgages, including a two-year rate at 4.59%, and a five-year rate of 5.05%. There are no tie-ins beyond the fixed rate period, and neither of the deals carry legal or valuation fees.
A new range of first-time buyer fixed rate mortgages has also been launched starting from 4.99% for 18 months with no reservation fee.
On a capital and interest mortgage of £71,000 on a property value of £95,000, the monthly repayment on the 4.59% fixed rate would be £398.28. The same mortgage taken on the standard variable rate of 5.95% would cost £455.29 – a saving of £57.01 per month or £684.12 over 12 months.
Charles Haresnape, head of NatWest Mortgages, says: “These new fixed rate packages are extremely competitive and the 4.59% is our lowest for over 20 years.”