NatWest has announced that it will be implementing rate cuts across its new business, existing customers and additional credit products from tomorrow.
New customers will see buy-to-let (BTL) two-year fixed rate purchase products at 60% loan-to-value (LTV) reduced by 16 basis points from 4.94% to 4.78% with a £995 product fee, and five-year fixed rate purchase products will be reduced by 17 basis points from 5.03% to 4.86% with a £995 fee.
BTL two-year fixed rate remortgages at 75% LTV with a £3,499 fee will fall by 16 basis points to 4.54% and the five-year fixed rate at 75% LTV with a £995 fee will be reduced by 13 basis points to 5.05%.
For first-time buyers, NatWest will reduce the price of its two-year fixed rate at 90% LTV without fees from 5.56% to 5.35%. This includes a cashback of €250.
NatWest will also reduce rates on its high-end residential products. Purchase products with a two-year tracker rate with an LTV of 60% will be reduced by 29 basis points to 4.20%, products with an LTV of 75% will be reduced by 35 basis points to 4.33%, products with an LTV of 80% will be reduced by 23 basis points to 4.51% and products with an LTV of 85% will be reduced by 26 basis points to 4.51%. All of these products have a product fee of £995.
In addition, residential purchase products with a two-year fixed interest rate will be reduced. This includes the 60% LTV product which has a £995 fee and is reduced by 19 basis points to 4.59%.
Remortgage rates will also fall, including the two-year remortgage rate with a fixed rate of 60% LTV without costs, which will fall from 5.3% to 5.11%.
Remortgages with a term of two years will also be reduced. Some of those being reduced include the 80% LTV with a £995 fee, which is reduced by 54 basis points to 4.42%, and the 85% LTV with a £995 fee, which is reduced by 52 basis points to 4.44%.
Meanwhile, Accord Mortgages has announced interest rate increases, effective from tomorrow.
The lender says the two-year product interest rate will increase by up to 0.17% and the three-year product interest rate will increase by as much as 0.13%.
In addition, the five-year product rates will increase by a maximum of 0.05%.
All end dates have been extended until September 30th.