NatWest Buy-to-Let Stress Rates Slashed
This week has already started with a bang, in a positive way! More and more mortgage lender rates are coming down across products and borrowing is finally becoming cheaper. This week alone HSBC, Virgin, Clydesdale, Coventry and Paragon have all already reduced their rates despite the Bank of England increasing the base rate. This, as we already predicted, has most likely happened because lenders are slowly starting to realise that they over inflated their rates when the mini budget was released.
Today, mortgage brokers have been sent an email from NatWest bank announcing that tomorrow they will be reducing their rates significantly too. NatWest jumping on the rate decrease bandwagon is a great sign that the market is changing and should give potential borrowers a lot more confidence in getting a mortgage. Here is a roundup of the changes that NatWest have announced.
Changes to NatWest lender rates
Effective from the 10th of November, NatWest are making a wide range of reductions across their product offerings for both new and existing customers. The changes, which cover both 2- and 5-year deals, are across a variety of LTV bandings and include reductions of up to 75bps for new customers and up to 35bps for existing customers.
They’re also making changes to their end dates, which are as follows:
End dates
2 Year Term End Dates moving from 28th February 2025 to 31st March 2025
5 Year Term End Dates moving from 29th February 2028 to 31st March 2028
New Business Rate Changes
- Purchase: Rate reductions of up to 50bps and 75bps on selected 2 and 5 year deals
- Remortgage: Rate reductions of up to 55bps and 75bps on selected 2 and 5 year deals
- First time buyer: Rate reductions of up to 50bps and 75bps on selected 2 and 5 year deals
- Shared equity – Purchase: Rate reductions of up to 40bps and 65bps on selected 2 and 5 year deals
- Help to Buy shared equity – Purchase: Rate reductions of up to 40bps and 65bps on selected 2 and 5 year deals
- Help to Buy shared equity – Remortgage: Rate reductions of up to 38bps and 55bps on selected 2 and 5 year deals
- Mortgage guarantee scheme: Rate reduction of up 50bps on 95% LTV 5 year deal
- Buy to Let – Purchase: Rate reductions of up to 50bps on selected 2 year deals
- Buy to Let – Remortgage: Rate reductions of up to 48bps on selected 2 year deals
- Green purchase: Rate reductions of up to 50bps and 75bps on selected 2 and 5 year deals
- Green remortgage: Rate reductions of up to 55bps and 75bps on selected 2 and 5 year deals
- Green Buy to Let – Purchase: Rate reductions of up to 50bps on selected 2 year deals
- Green Buy to Let – Remortgage: Rate reductions of up to 48bps on selected 2 year deals
- Tracker – Purchase: Rate reductions of up to 9bps on selected 2 year deals
- Tracker – Remortgage: Rate reductions of up to 29bps on selected 2 year deals
Existing Customer Rate Changes
- Switcher: Rate reductions of up to 29bps and 10bps on selected 2 and 5 year deals
- Switcher – High value: Rate reductions of up to 7bps on selected 2 and 5 year deals
- Buy to Let – Switcher: Rate increases of up to 6bps and 35bps on 2 and 5 year deals
The official rates on offer won’t be widely known until tomorrow when they are released, so if you want to make the most of the new rate reductions, give our advisors a call. We can help you to find the best possible rates and products with NatWest or any other lender for your own circumstances.
