NatWest Intermediary Solutions has launched a pair of new five-year fixed rate buy-to-let mortgages and cut rates on a selection of its other buy-to-let deals of between 0.20-0.24 percentage points.
The lender says its new buy-to-let purchase and remortgage deals being launched are to cater for the increasing demand for longer term fixed rate mortgages that brokers are seeing from their landlord clients. The are:
- 5 year fixed rate 3.99%, 60% LTV, £1,995 product fee
- 5 year fixed rate 4.39%, 75% LTV, £1,995 product fee
The buy-to-let purchase and remortgage fixed rate and tracker deals that are having their rates reduced are:
- 2 year fixed rate decreasing to 3.39% from 3.59%, 75% LTV, £1,995 product fee
- 2 year fixed rate decreasing to 4.25% from 4.49%, 75% LTV, no product fee
- 2 year tracker decreasing to 3.29% from 3.49%, 75% LTV, £1,995 product fee
- 2 year tracker decreasing to 4.15% from 4.39%, 75% LTV, no product fee
NatWest Intermediary Solutions has also increased rates of between 0.04-0.24 percentage points on a number of its fixed rate and tracker residential purchase and remortgage deals, with the vast majority being a 0.10 percentage point increase or less.
Mark Bullard, head of sales at NatWest Intermediary Solutions, said: “We are committed to growing our presence and supporting intermediaries in the ‘amateur landlord’ segment of the buy-to-let sector. Research we conducted at the turn of the year, showed that brokers had enjoyed a good last quarter of 2013 for buy-to-let business and the vast majority were optimistic that they would see an increase in the amount of buy-to-let cases they will be writing this year.
“The launch of these two new five-year deals is a direct response to feedback we received from many of our intermediary partners who informed us that there was a significant demand from landlords for longer term fixed rate deals. These new deals combined with the rate cuts on the other buy-to-let deals offers brokers a great opportunity to make further inroads into this sector. The rate changes we have made to some of our residential deals reflects the current market conditions.”