NatWest has announced rate cuts amid more favourable market conditions.
NatWest is decreasing its two-year fixed rate product with a £995 fee for those with a 10% deposit by 15 basis points (bps) from 5.35% to 5.2%.
The fee-free version is being decreased by 19bps from 5.59% to 5.4%.
On the 95% loan to value (LTV) version with no fee, the rate is decreasing by 4bps from 5.84% to 5.8%.
These decreases are for those looking to buy a property.
NatWest is also reducing rates for those seeking to remortgage onto a two-year fixed rate deal.
The 90% product, for those with a 10% deposit, with no fee and £250 cashback, is decreasing by 3bps from 6.02% to 5.99%.
Meanwhile, the version with a £995 fee is decreasing by 3bps from 5.68% to 5.65%.
The 90% LTV product with a £995 product fee and no cashback is decreasing from 5.68% to 5.65%, while the no-fee and no-cashback version is down from 6.02% to 5.99%.
The rates for those looking to remortgage onto a five-year fixed rate deal are also changing.
The 90% LTV product with a £995 fee and £250 cashback is being reduced by 2bps from 5.11% to 5.09%.
The no product fee version with £250 cashback is down 4bps from 5.23% to 5.19%.
At the same time, the £995 product fee and no-cashback version is down by 2bps from 5.11% to 5.09%.
Finally, the no-product-fee and no-cashback deal is being reduced 4bps from 5.23% to 5.19%.
NatWest is also reducing rates for first-time buyers on two- and five-year deals, some with various incentives such as no fee and £250 cashback.
The 90% LTV deal that is fixed for two years and comes with a £995 product fee and £250 cashback is decreasing by 15bps from 5.35% to 5.2%.
The no-fee and £250 cashback version is decreasing by 19bps from 5.59% to 5.4%.
The 90% LTV deal that is fixed for five years and comes with a £995 product fee and £250 cashback is decreasing by 18bps from 4.83% to 4.65%.
The no-fee and £250 cashback version is being reduced by 15bps from 4.95% to 4.8%.
All the reductions in rates by NatWest are for new business.
Yorkshire BS reduces rates
Meanwhile, Yorkshire Building Society is reducing some of its mortgage rates by up to 0.55%.
This is the second time in three weeks that the mutual has reduced rates.
The new rates are available today and include a best buy five-year fixed rate at 3.99%, down from 4.24%.
The 75% LTV product is available to those who are remortgaging and comes with a £1,495 fee, free standard valuation and remortgage legal service.
A two-year fix at 4.24% up to 60% LTV is available to those remortgaging, and comes with a £1,495 fee, free standard valuation and remortgage legal service.
For those looking to buy a property with a 10% deposit, a two-year fix is available at 5.04%, down from 5.19%. It has a £1,495 fee and free standard valuation.
Aidan Smith, mortgage product manager of Yorkshire Building Society, said: “We’re so pleased to be able to, once again, pass on the benefit of more favourable market conditions.
“As usual, we’ll continue to monitor market trends, reacting wherever we can to pass on added value to borrowers, helping them to achieve their homeownership dreams.”
Rachel Springall, finance expert at Moneyfacts, added: “It’s great to see Yorkshire Building Society reduce mortgage rates for different fixed terms, which include deals available to remortgage customers.
“There will no doubt be borrowers out there looking to refinance this year, and any deals that carry incentives could help them save on the upfront cost.”
