NatWest Buy-to-Let Stress Rates Slashed
NatWest, one of the leading mortgage lenders in the UK, has announced today significant changes to their new and existing mortgage product ranges. The changes to mortgage products, which will come into effect from August 2nd 2023, offer a mix of rate decreases and new products to cater to the diverse needs of their customers in a tough mortgage market.
New Business Rate Changes To Mortgage Products
NatWest’s new business rate changes are set to benefit both homebuyers and remortgage customers. On selected 2 and 5-year deals, the bank is reducing rates by up to 0.20% for purchases and 0.30% for remortgages. This move aims to provide potential borrowers with more favourable borrowing costs and incentivise existing homeowners to explore more competitive options with NatWest. However, there will be slight adjustments to the Buy to Let product ranges. For Buy to Let purchases, selected 5-year deals will see a rate increase of up to 0.10%, while Buy to Let remortgages will face an increase of up to 0.30% for 2-year deals and 0.25% for 5-year fixed deals. Similarly, Green Buy to Let purchases and remortgages will also experience rate increases, but only for selected 5-year deals.
New Business New Products:
NatWest is introducing four new fixed rate products at 60% loan-to-value (LTV) for purchases. This addition aims to offer homebuyers more choices and stability when considering their mortgage options. Additionally, for remortgages, six new products will be introduced at 60% LTV, featuring a £250 cashback option and covering both 2 and 5-year deals. This cashback incentive could prove to be a significant draw for homeowners looking to refinance their properties.
Existing Customer Products:
Existing customers are not left behind in NatWest’s revamp of mortgage product ranges. Don’t worry! For those seeking fixed rate mortgages, a few products will be withdrawn to make way for new replacement 2-year and 5-year fixed rate switcher products, spanning various LTV brackets. This move will enable current customers to explore better suited options and potentially benefit from improved rates and terms. Similarly, for customers considering tracker mortgages, NatWest will remove certain products and introduce new replacement 2-year tracker rate switcher products, catering to a range of LTV bands. This change will allow tracker mortgage holders to enjoy better terms and interest rates on their existing loans.
Existing Customer Rate Changes:
Customers with Buy to Let mortgages through NatWest will face some rate changes as well. Selected 2 and 5-year deals will see rate increases of up to 0.15% and 0.20%.
Speak To a Mortgage Advisor About Changes To Mortgage Products
After months of rate increases, it does look like many lenders are starting to reduce their rates. That is why now is a better time than ever to start speaking with a qualified mortgage broker, if you are interested in getting a new mortgage. At Oportfolio, we are experts in the mortgage market and can help you to get the most competitive product for your own circumstances. Call or email our team today to arrange a free initial mortgage consultation. We are here to help.
