NatWest Mortgages Increase By 0.30%
NatWest mortgages are set to take a bashing this week as the lender announces that their mortgage product rates are due to increase by as much as 0.30%. This is a sharp jolt to mortgage borrowers and frankly to mortgage intermediaries who have all been rejoicing over the last few months as most mortgage lenders have dropped their rates. Could this be the end of the rate reduction wave of 2024? In this article I will explore what exactly NatWest have said, and why speaking to a mortgage advisor now is more important than ever.
NatWest Mortgages Rates Increase By 0.30%
Over the last few months many mortgage lenders have reduced their rates with some even offering products below the 4% mark. This has mostly been because of a more stable economic climate in the UK compared to markets of the last few years. We at Oportfolio has been helping our new and existing clients to secure the most competitive rates on the open market as they have dropped, and I think most of us in the mortgage world have been expecting this to go on for a little longer. However, over the last few days a few lenders have started to increase their rates slightly. Not the end of the world. But this morning NatWest (one of the UK’s big six lenders) announced that they would be increasing their rates by as much as 0.30%! Let’s take a look at what NatWest have actually said will be changing.
Changes To NatWest Mortgage Products
Effective from the 16th of October 2024, NatWest Mortgages will be making changes to their New Business and Additional Borrowing product ranges. Full details of the changes are as follows:
New Business Rate Changes:
- Purchase: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Purchase – high value: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Remortgage: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Remortgage – high value: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- First time buyer: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Shared equity – purchase: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Help to Buy shared equity – remortgage: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Buy to Let – purchase: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Buy to Let – remortgage: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Green – purchase: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Green – remortgage: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Green – Buy to Let purchase: Rate increase of up to 0.30% on selected 2 and 5 year deals.
- Green – Buy to Let remortgage: Rate increase of up to 0.30% on selected 2 and 5 year deals.
Speak To A Mortgage Advisor To Secure The Most Competitive Deal
In a volatile mortgage market where rates can change at the drop of a hat, the best thing you can do to prepare yourself is to speak with a qualified whole of market mortgage broker. Our job at Oportfolio Mortgages is to help you to find the most competitive rate available to you on the market, to save you time and money. If you or anyone you know is interested in getting a new mortgage, please feel free to give our team a call today. We are here to help.
