Effective from tomorrow, Friday 5th January, NatWest has made changes to its new business and existing customer product ranges.
In its new business range, purchase deals will see a rate reduction of up to 0.42% and 0.30% on selected 2- and 5-year deals.
For new remortgage customers, products will see reductions of up to 0.40% and 0.23% on selected 2-year and 5-year deals, while first-time buyers will benefit from reductions of up to 0.26% and 0.30%.
Selected 2-year and 5-year deals will also be reduced across the lenders new business shared equity, Help to Buy shared equity remortgage, buy-to-let (BTL) purchase, BTL remortgage and Green ranges.
For existing customers, a number of switcher options will benefit from rate reduction of up to 0.41% and 0.11% on selected 2-year and 5-year deals, while buy-to-let switcher rates will be reduced by up to 0.25% and 0.18%.
NatWest also changed selected end dates, with 2-year term end dates moving from 31st March 2026 to 30th April 2026, and 5-year term end dates moving from 31st March 2029 to 30th April 2029.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “NatWest is the latest lender to follow HSBC, TSB, Halifax, Mpowered Mortgages and Gen H in what has been a repricing frenzy amongst the major lenders to kickstart the year.
“This latest reprice from NatWest doesn’t breach the 4% barrier, but moves ever more closely on a 5 year fixed. Lenders are quickly reacting to the market conditions, which means we are likely to see fortnightly or even weekly repricing.
“The benefits of using a broker in the current climate is invaluable. It’s important to not be complacent and the same message to those coming to an end of their fixed rate remains the same.
“If you are coming to the end of your deal, typically six months prior to the fixed rate end date, you can look to put a new deal in place with a different lender.
“This provides the security in the event of any rate rises you have fixed a deal in advance, but if a better rate was to become available you could swich and not lose anything – Which is where having a broker will help.”
