Lender reduces rates on a number of deals
NatWest has announced changes to its new business and existing customer product ranges, including rate reductions for various mortgage deals, impacting both its purchase and remortgage offerings.
Effective January 5, a number of NatWest mortgage deals will have lower rates and new end dates.
On its new business range, rates will be slashed by up to 42 basis points (bps) for purchase deals and 30bps for selected two- and five-year products. Similar reductions apply to remortgage options, with up to 40bps and 23bps reductions on selected two and five-year deals, respectively.
First-time buyers will also benefit from rate reductions of up to 26bps and 30bps on selected two- and five-year deals.
Shared equity and Help to Buy shared equity products will see reductions ranging from 15 to 42bps for remortgage and purchase deals on selected two- and five-year options, while buy-to-let products will get rate reductions between 25 and 52bps on selected two- and five-year deals, including green initiatives in both purchase and remortgage options.
Meanwhile, existing customer rate changes extend to switcher and buy-to-let switcher categories, with reductions of up to 41bps and 11bps on selected two- and five-year deals.
Additionally, NatWest adjusted its end dates, with two-year term end dates shifting from March 31, 2026, to April 30, 2026, and five-year term end dates moving from March 31, 2029, to April 30, 2029.
A comprehensive summary of these changes, along with transitional arrangements, can be viewed on NatWest’s intermediary website, where users can also access the updated product range.
“NatWest is the latest lender to follow HSBC, TSB, Halifax, MPowered Mortgages and Gen H in what has been a repricing frenzy among the major lenders to kickstart the year,” Nicholas Mendes, head of marketing at independent mortgage broker John Charcol, commented.
“This latest reprice from NatWest doesn’t breach the 4% barrier, but moves ever more closely on a five-year fixed. Lenders are quickly reacting to the market conditions, which means we are likely to see fortnightly or even weekly repricing.”
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