NatWest increases mortgage rates

NatWest has increased rates on a number of its residential and buy-to-let mortgage deals.

These changes affect both purchase and remortgage products in its core and semi-exclusive ranges. It has also introduced some new five-year residential mortgages in its semi-exclusive range.

Some of the biggest increases are on its core residential range. Its five-year fix for purchases is increasing from 2.18 per cent to 2.31 per cent at 85 per cent LTV. This product has a £995 product fee and £250 cashback.

On its semi-exclusive residential range, its five-year purchase rate has been increased from 2.46 per cent to 2.62 per cent, again at 85 per cent LTV. This does not have a product fee and offers £500 cashback.

Its new deals include a five-year fix at 2.35 per cent, (60 per cent LTV) for purchases. This does not have a product fee and again offers £500 purchase.

However NatWest has withdrawn a five year fix at 2.19 per cent, which also offered £500 cashback.

Its has reduced rates on its new remortgage fixes though. NatWest is offering a five year fix at 1.89 per cent, (at 60 per cent LTV) with a £995 fee. This replaces a five-year remortgage rate of 2.9 per cent, although this did not have a product fee.

In its buy-to-let range its two year fixed-rate purchase deal (at 60 per cent LTV) has been increased from 1.61 per cent to 1.83 per cent. There are smaller increases on two-year deals with higher LTVs.

NatWest is decreasing the cost of its five-year remortgage buy-to-let deals. The biggest reduction is at 75 per cent LTV, where rates have been cut from  2.8 per cent to 2.68 per cent. This mortgage has a £995 fee.

NatWest’s head of sales Mark Bullard says: “We have made some adjustments to rates to reflect the current market conditions and balance our mix of business.”

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