NatWest has reduced rates across its product range for new customers, existing customers and top-up loans, effective today (4 November).
The biggest cuts have been made to the lender’s buy-to-let (BTL) refinancing product. The two-year fixed interest rate of 75% Loan-to-Value (LTV) has been reduced by 20 basis points from 3.80% to 3.60%. This comes with a product cost of £3,499.
It has also reduced the two-year fixed BTL remortgage product with an LTV of 75% by 17 basis points from 4.70% to 4.53%. There are no legal fees involved, no product fees and £350 cashback is available.
The two-year BTL purchase products have also been reduced, including the 75% LTV with a £3,499 product fee, which has been reduced by 15 basis points to 3.40%.
In addition, the bank has reduced prices on its two- and five-year fixed purchase products.
These include the two-year fixed LTV of 60% with a product fee of £1,495, which has been reduced from 3.77% to 3.71%, and the five-year fixed LTV of 60% with a product fee of £1,495, which has been reduced by 6 basis points to 3.84%.
The rates for high-value products have also been reduced with terms of two and five years.
In the area of mortgage refinancing, cuts of no less than 8 basis points have been made. The 75% two-year fixed LTV with a £1,495 product fee has been reduced from 3.97% to 3.89%, while the 60% two-year fixed LTV has been reduced from 3.86% to 3.79%. The latter comes with no legal fees, a product fee of £1,495 and cashback of £350.
Meanwhile, for the starter class, the two-year fixed LTV of 90% has been reduced by 7 basis points from 4.51% to 4.44%. There are no product costs involved and a cashback of €250 is available.
The five-year LTV with a fixed term of 85% has been reduced from 4.31% to 4.24%. This has a product fee of £995 and cashback of £250.
NatWest has also made rate cuts to other ranges including shared shares by 6 basis points, Help to Buy shared shares by 8 basis points, standalone loans by 8 basis points, green by 8 basis points and green BTL by 13 basis points.
These cuts come after NatWest announced price cuts across several ranges last week.
Elsewhere, Family Building Society has implemented rate reductions and product changes and expanded the BTL range.
The company has reduced rates on most of its own resident and BTL products.
It has also abolished LTV price levels for its BTL product range, with only the 75% LTV BTL products remaining on sale.
Finally, the mutual has launched new BTL products, which are only available to existing borrowers and can be further developed without product costs.