Friday, May 20, 2022

NatWest cuts rates for new borrowers, revises cashback


Rates now vary from 1.53 per cent for a 60 per cent LTV deal and 2.99 per cent for the fee-free option at 85 per cent LTV

NatWest has reduced the rates on products for new borrowers and made changes to the cashback offered on some of its deals.

Effective from tomorrow, the two-year fixed purchase deal at 90 per cent loan to value (LTV) will be reduced by 0.2 per cent to 3.6 per cent. This product has a £995 fee and £250 cashback.

Five-year fixed purchase products up to 85 per cent LTV have seen rate cuts by as much as six basis points (bps).

Rates now vary from 1.53 per cent for a 60 per cent LTV deal and 2.99 per cent for the fee-free option at 85 per cent LTV.

Meanwhile, the two-year fixed purchase product at 60 per cent LTV has been reduced to 1.08 per cent from 1.14 per cent and its £250 cashback has been withdrawn. The 75 per cent LTV purchase mortgage has also been cut by seven bps to 1.32 per cent, and its £200 cashback has been pulled.

As for the 85 per cent LTV two-year fixed purchase product, its rate has been cut to 1.23 per cent from 1.27 per cent. It now offers £200 cashback.

For first-time buyers (FTBs), the two-year fixed at 85 per cent LTV has had a rate cut of three bps to 2.59 per cent. The £995 fee paying product had its cashback increased from £500 to £1,000.

Two-year fixed green mortgages had rates reduced by up to 12 bps, while five-year fixes have been cut by as much as six bps.

Brokers will be able to produce mortgage illustrations and submit applications online for existing deals today.


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