NatWest Switcher Rates Increased
We’ve just received an important update from NatWest regarding changes to their mortgage offerings for existing customers looking at switcher products. At the end of 2023 and in the first few weeks and months of 2024, lenders had been reducing rates like they were going out of fashion. As you can probably imagine, this excited brokers and borrowers alike. However, in recent week, some lenders (including the big six in the UK) have been slowly increasing their rates again. As brokers, we definitely recommend speaking to an advisor as soon as possible if you are looking to finance a property. Blink and you might miss some low rates! If you are looking to get a NatWest switcher offer in the near future, make sure you speak to an expert before going ahead with anything. Here’s a breakdown of what’s changing with NatWest:
End Dates Extension
- 2-year term end dates are moving from 30th June 2026 to 31st July 2026.
- 5-year term end dates are moving from 30th June 2029 to 31st July 2029.
Natwest Switcher Offer Rate Changes for Existing Customers
- For residential NatWest switcher products, there’s a rate increase of up to 0.10% on selected 2 and 5-year deals.
- For buy-to-let NatWest switcher products, there’s a rate increase of 0.05% on 75% loan-to-value (LTV) 2-year deals with a £995 product fee.
So those are the changes to end dates that NatWest have announced this morning. Let’s take a closer look at some of the residential product highlights announced across different LTV ratios. Just a reminder that as whole of market mortgage lenders, our brokers have access to all rates and products mentioned in this blog. Please also be aware that rates are subject to change and may no longer be available at the time of reading:
60% LTV Residential Switcher Mortgage Rates
- 2 Year Fixed Switcher: 4.69%
- 5 Year Fixed Switcher: 4.39%
75% LTV Residential Switcher Mortgage Rates
- 2 Year Fixed Switcher: 4.84%
- 5 Year Fixed Switcher: 4.64%
80% LTV Residential Switcher Mortgage Rates
- 2 Year Fixed Switcher: 5.49%
- 5 Year Fixed Switcher: 5.04%
90% LTV Residential Switcher Mortgage Rates
- 2 Year Fixed Switcher: 5.84%
- 5 Year Fixed Switcher: 5.34%
100% LTV Residential Switcher Mortgage Rates
- 2 Year Fixed Switcher: 6.04% with a £995 fee
- 2 Year Fixed Switcher: 6.44% with no fee
For Buy-To-Let property switcher products, the rates are as follows:
60% LTV Buy-To-Let Switcher Mortgage Rates
- 2 Year Fixed BTL Switcher: 4.99%
- 5 Year Fixed BTL Switcher: 4.64%
75% LTV Buy-To-Let Switcher Mortgage Rates
- 2 Year Fixed BTL Switcher: 5.09%
- 5 Year Fixed BTL Switcher: 4.69%
90% LTV Buy-To-Let Switcher Mortgage Rates
- 2 Year Fixed BTL Switcher: 6.09% with no fee
Speak To A Mortgage Broker About Rate Increases
While these changes may affect some of our clients, it’s essential to remember that as whole-of-market mortgage brokers, we at Oportfolio Mortgages have access to a wide range of products from various lenders. This means that every product available on the market is available through us, and we can help you arrange the most competitive deal tailored to your needs. If you’re an existing NatWest customer considering switching or a potential buyer looking for the best mortgage rates, don’t hesitate to get in touch. Our team is here to guide you through the process and ensure you secure the right mortgage for your circumstances. Even though rates are increasing, our job is to help you to find the most competitive product and rate available for your circumstances. Don’t leave it to chance, speak to a mortgage expert in 2024. Call our team today to see how we can help.
