NatWest have become the latest lender introduce product changes in the form of fixed rate reductions.
In its New Business range, purchase products will see a rate reduction of up to 0.37% and 0.65% on selected 2- and 5-year deals.
The lender’s remortgage products will be reduced up to 0.45% and 0.65% on selected 2- and 5-year deals, while first-time buyer options will see a reduction of up to 0.37% and 0.55% on selected 90% loan-to-value (LTV) deals.
Natwest has also announced changes to its shared equity purchase, Help to Buy shared equity remortgage, buy-to-let and green buy-to-let products.
As for its existing customers, its switcher options will be reduced by up to 0.15% across selected 2- and 5-year deals, while the buy-to-let switcher range will also benefit from a reduction of 0.20% and 0.10% on 60% LTV 2- and 5-year deals.
All of the above reductions will take immediate effect from tomorrow, Friday the 11th of August.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “NatWest are the latest lender to provide notice of a fixed rate reduction, which is another positive step in a week in which we have seen other high street lenders make similar moves.
“It’s important to not get carried away and expect to see similar rates from earlier in the year anytime soon, but its pleasantly reassuring to see lenders react by each other’s movements.”
He added: “For those that current have a mortgage application in progress or approaching the end of their fixed rate, now is when speaking with a broker can certainly be financial beneficial.
“A broker will be able to keep you informed of any rate changes to ensure you get the best rate right up until completion.
“Most lenders will allow you to change or withdraw your application prior to completion without any penalties which is why we often recommend mortgage holders approaching they of their fixed rate to chosen to secure a new fixed rate six months in advance of when your existing deal is due to expire.”
