NatWest has announced mortgage rate cuts for new borrowers, taking effect at the end of the week.
Changes will be made to NatWest’s residential and buy-to-let (BTL) mortgage rates at 60% and 75% loan to value (LTV).
For residential borrowers, its two-year fixed purchase product at 60% LTV with a £995 fee will be reduced from 4.37% to 4.32%, and the fee-free option will be cut from 4.59% to 4.49%.
With a £1,495 fee, the corresponding mortgage will be reduced from 4.32% to 4.27%.
At 75% LTV, the two-year fixed purchase mortgage with no fee will be cut from 4.88% to 4.78%, while the £995 fee-paying deal will go from 4.59% to 4.49%.
The product with a £1,495 fee will be lowered by 0.1% to 4.44%.
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For a five-year fixed purchase product at 60% LTV with a £995 fee, the rate will fall by 0.14% to 4.15%.
The option with no fee will be cut from 4.39% to 4.33%, and the product with a £1,495 fee will be reduced from 4.24% to 4.1%.
At 75% LTV, reductions of up to 0.13% will be made.
Changes will also apply to remortgages, shared equity products, Help to Buy and green mortgage residential deals.
For BTL borrowers, the two-year fixed purchase product at 50% LTV with a £995 fee will fall from 4.69% to 4.6%, and with no fee, it will decrease from 5.15% to 4.9%.
At 75% LTV, a larger reduction of 0.34% has been made to the fee-free product, which will be priced at 5.05%, while the mortgage with a £995 fee will drop by 0.32% to 4.83% and the option with a £3,499 fee will fall by 0.2% to 4.15%.
Reductions of up to 0.39% will also be made to two-year fixed remortgages for BTL.
NatWest will also cut five-year fixed purchase and remortgage rates by as much as 0.36%, and BTL green mortgage rates by up to 0.32%.
Last month, the bank increased select mortgage rates by 0.1%.
