NatWest has made widespread rate changes to its core, semi-exclusive and buy-to-let mortgage deals.
In most cases NatWest has cut the cost of fixed-rate deals across these ranges, although certain products have seen rates rise.
NatWest has also introduced more two-year fixes to its semi-exclusive range.
Highlights include cuts to higher LTV products in its core range.
Here NatWest’s two year fixed-rate purchase deal, at at 95 per cent LTV, has been cut from 3.7 per cent to 3.57 per cent. This does not have any product fee.
It has also cut its five-year fixed rate purchase rate at both 95 per cent and 70 per cent LTV – although at lower LTV brackets rates have increased marginally.
At 80 per cent LTV, for example it will now charge 2.21 per cent rather than 2.18 per cent. At 70 per cent LTV rates have been shaved from 2 per cent to 1.99 per cent. All these comes with a £995 product fee and £250 cashback.
In its semi-exlusive range NatWest has introduced two new fixed-rate purchase deals, at 80 and 90 per cent LTV. The rates are 1.87 and 1.98 per cent respectively. These offer a £995 product fee and £350 cashback.
In this range, NatWest has made minor decreases to its five-year fixed rate purchase and remortgage rates. In most LTV brackets rates are down by less than five basis points, although again the biggest reduction is at the highest LTV bracket.
Its five-year fixed rate remortgage at 90 per cent LTV, for example, has been cut by 23 basis points to 2.46 per cent.
In its semi-exclusive buy-to-let range, two-year fixed rate purchase deals have been reduced by up to 18 basis points. Here, the biggest reductions are at 60 per cent LTV.
In contrast its five-year fixed rate buy-to-let purchase deals have – on the whole -increased by up to 10 basis points, although at the lower 60 per cent LTV bracket rates have been cut.
NatWest has also made changes to its buy-to-let remortgage products. All of its two-year fixes in this range have been cut by up to 12 basis points. The biggest reduction is at 70 per cent LTV,. This will now cost 1.94 per cent (down from 2.06 per cent).
These rate changes are effective from July 5th. NatWest’s head of sales Mark Bullard says: “We’ve taken the opportunity to reposition our portfolio to reflect the current market conditions.”
The bank is also moving the end date of its two and five-year fixed terms from the November 30th to December 31st.