NatWest has reduced interest rates across its range of new business, existing customers and other lending products, effective today (November 4).
The biggest cuts are for the lender’s buy-to-let (BTL) remortgage product. The two-year fixed rate with a loan-to-value (LTV) of 75% has been cut by 20 basis points to 3.60% from 3.80%. Its product costs £3,499.
It also cut its 75% LTV two-year fixed BTL remortgage product by 17 basis points to 4.53% from 4.70%. No legal fees, no product fees and get £350 cashback.
The BTL two-year purchase product has also been slashed, including 75% LTV, with the product fee at £3,499, reduced by 15 basis points to 3.40%.
Additionally, the bank has cut prices on its two- and five-year fixed purchase products.
These include a fixed two-year term of 60% LTV and a product fee of £1,495, which has been reduced from 3.77% to 3.71%; a five-year fixed term of 60% LTV and a product fee of £1,495 has been reduced by 6 basis points to 3.84%.
Two- and five-year repair rates have also been reduced for high-value products.
Within the remortgage range, the reduction was as much as 8 basis points. The product fee of £1,495, fixed at 75% LTV over two years, has been reduced from 3.97% to 3.89%, while that fixed at 60% LTV over two years has been reduced from 3.86% to 3.79%. The latter comes with no legal fees, a £1,495 product fee and £350 cashback.
Meanwhile, within the first-time homebuyer range, the two-year LTV, fixed at 90%, has been revised down 7 basis points to 4.44% from 4.51%. There are no product fees for this product and it comes with £250 cashback.
The five-year LTV, fixed at 85%, has been cut from 4.31% to 4.24%. The product costs £995 and the cashback is £250.
NatWest has also cut rates across other ranges, including 6 basis points for shared equity, 8 basis points for help-to-buy shared equity, 8 basis points for stand-alone borrowing, 8 basis points for green rates and 13 basis points for green BTL.
The price cuts come after NatWest announced price cuts across a number of ranges last week.
Elsewhere, the Family Building Society made price cuts and product changes, as well as adding to its BTL range.
The association has reduced rates on most owner-occupier and BTL products.
It also removed the LTV price tiers for its BTL product range, with only 75% LTV BTL products still on sale.
Finally, Mutual Bank has launched a new BTL product, which is only available to existing borrowers and allows for further advances at no product fee.
