NatWest Intermediary Solutions will be cutting rates on the majority of its purchase mortgages and remortgages in its intermediary core range tomorrow.
Rates will come down on a range of first-time buyer, fixed rate, tracker and buy-to-let deals, across all LTV bands from 60-90%. And, the product fees are being removed on a selection of buy-to-let mortgages.
It is also launching a new five-year fixed rate deal at 3.19%, 70% LTV, with a £995 product fee.
The most significant residential rate cuts are being made on its higher LTV products. They include a 0.64 percentage points drop in the rate of its 2 year fixed rate 85% LTV no product fee deal to 3.75%; a 0.24 percentage points reduction in the rate of its 3 year fixed rate 85% LTV deals to 3.75% with a £995 product fee and 4.35% with no product fee; a 0.30 percentage points drop in the rates on its 5 year fixed rate 85% LTV deals to 4.39% with a £995 product fee and 4.59% with no product fee; and a 0.31 percentage points cut in its 2 year base rate tracker 70% LTV deal to 3.39% with no product fee.
It has also reduced the fee on its sub-2% two year fixed rate 60% LTV deal by £500 so that it now offers a rate of 1.94% with a £995 product fee.
The first-time buyer deals that are having their rates reduced are:
- 2 year fixed rate is decreasing to 3.19% from 3.49%, 80% LTV, no product fee
- 2 year fixed rate is decreasing to 3.55% from 3.79%, 85% LTV, no product fee
- 5 year fixed rate is decreasing to 3.79% from 3.89%, 80% LTV, no product fee
- 5 year fixed rate is decreasing to 4.39% from 4.49%, 85% LTV, no product fee
There are also rate reductions and product fee changes on its buy-to-let deals:
- 2 year fixed rate is decreasing to 2.99% from 3.39%, 60% LTV, £1,495 product fee
- 2 year fixed rate is decreasing to 3.59% from 3.79%, 60% LTV, removing the £495 product fee
- 2 year fixed rate is decreasing to 3.49% from 3.79%, 75% LTV, £1,495 product fee
- 2 year tracker is decreasing to 2.89% from 3.39%, 60% LTV, £1,495 product fee
- 2 year tracker is decreasing to 3.49% from 3.65%, 60% LTV, removing the £495 product fee
- 2 year tracker is decreasing to 3.35% from 3.59%, 75% LTV, £1,495 product fee
Mark Bullard, head of sales, NatWest Intermediary Solutions said: “I am delighted that we are able to make such significant rate cuts across such a large number of our products. The changes being made provide better value to brokers’ residential clients across nearly every LTV banding.
“We are also bolstering our buy-to-let proposition by sharpening some of the rates and removing those deals that have a £495 product fee so that intermediaries have a choice of lower rate/product fee or higher rate/no product fee deals to offer their clients.”