NatWest has become the latest lender to announce rate increases across its new business, existing customers and additional lending products, effective tomorrow.
Fixed two-year purchase rates, ranging from 60% to 95%, have increased by up to 35 basis points, with the majority increasing by 25 basis points.
The two-year fixed purchase with 60% LTV has increased from 3.72% to 3.97% and has a product fee of £1,495, while the two-year fixed purchase with 95% LTV has increased from 4.7% to 5.07% with no fees.
The lender’s five-year fixed purchase rate has increased by up to 0.30% between 60% and 95% LTV, including the 95% LTV which has increased by 4.79% to 5.09% without fees and the 60% LTV which increases by 25 basis points to 4.32%, also without fees.
Mortgage interest rates will also rise. The two-year fixed rate 60% LTV no-fee remortgage will increase from 4.13% to 4.38%, the two-year 75% with a £1,495 fee has increased from 3.89% to 4.09%.
The five-year fixed remortgage interest rate has also been increased. The 60% LTV with a £995 fee has increased by 25 basis points to 4.19% and the 60% LTV with a £1,495 fee has increased by 25 basis points to 4.14%.
The two- and five-year fixed rates on remortgages for first-time buyers have also risen by as much as 25 basis points, while the two- and five-year fixed rates on shared shares have risen by the same amount, and the green rates on two- and five-year fixed rates on purchases and remortgages have risen by 25 basis points.
NatWest has also increased rates on buy-to-let (BTL) two- and five-year fixed rate purchase and remortgage products.
The two-year fixed purchase of BTL at 75% LTV with a £3,499 fee has increased by 25 basis points to 3.88% and the 75% LTV with a £3,999 fee has increased from 3.38% to 3.63%.
The five-year fixed mortgage rate at a 75% LTV with a £5,999 fee has increased by 25 basis points to 4.19% and the 60% LTV with a £5,999 fee has increased from 3.66% to 3.91%.
Finally, stand-alone additional interest rates have been increased by up to 25 basis points over two- and five-year terms.
Yesterday, Aldermore announced it would withdraw two- and three-year fixed rates from its private owner, buy-to-let and product switch mortgage offerings.
Aldermore said it would launch new product ranges on March 13.