NatWest will tomorrow slash buy-to-let rates by as much as 1.56 per cent and cut many product fees by £1,000.
The biggest rate reduction is on its five-year fixed rate purchase mortgage at 70 per cent LTV, which will be cut to 3.08 per cent with no product fee.
NatWest is cutting its five-year purchase fix at 75 per cent LTV by 1.53 per cent to 3.25 per cent, with no fee.
Other significant cuts include the lender’s two-year fixed rate purchase loan at 70 per cent LTV, now reduced by 1.10 per cent to 2.68 per cent with no fee.
NatWest is also trimming rates on its two-year fixed rate purchase mortgage at 75 per cent LTV, now 1.07 per cent cheaper at 2.77 per cent with no fee.
Other big reductions include the lender’s five-year fixed rate purchase loan at 60 per cent LTV, which has been cut 1.01 per cent to 2.98 per cent. The loan also has no fee.
Meanwhile, NatWest’s five-year fixed rate remortgage at 75 per cent LTV is being cut by 1 per cent to 2.98 per cent and having its fee cut from £1,995 to £995.
In all, nine of the lender’s buy-to-let deals will see product fees cut from £1,995 to £995.
NatWest head of sales Mark Bullard says: “Having declared our intent to continue to fully support the buy-to-let sector under the new PRA requirements, it’s timely that we are able to announce such significant cuts to both our rates and product fees on so many of our buy-to-let deals.
“We want to remain competitive in this sector and will continue to work with intermediary firms on developing our buy-to-let proposition which we will look to improve in the autumn.”