NatWest Intermediary Solutions is cutting early repayment charges (ERCs) across its residential and buy-to-let mortgage range and reducing rates by up to 0.79%.
The lender is cutting the ERCs on its two and three-year fixed rates, and 18-month and two-year trackers. The cuts will apply to both purchases and remortgages, across its residential and buy-to-let intermediary range.
It is also introducing a new tiered system for its ERCs as follows:
Two-year fixed rate deals: the new standard ERCs will be 2% for year one and 1% for year two. Previously it was 3% for years one and two.
Three-year fixed rate deals: the new standard ERCs will be 3% for year one, 2% for year two and 1% for year three. Previously, it was 3% for years one, two and three.
18 month and two-year tracker deals: the new standard ERCs will be 1% for year one and 0.5% for year two. Previously, it was 3% for years one and two.
NatWest is also introducing a number of rate changes to the 60% to 75% LTV deals in its intermediary core range.
These include:
Cutting the rate on its 18-month 75% LTV tracker by 0.79% to 2.20%.
Reducing the rate on its two-year fixed rate 75% LTV Help to Buy shared equity purchase deal by 0.30% to 2.85%.
Cutting 0.40% off its two-year tracker 75% LTV deal to 2.75%.
Trimming its two-year fixed rate 60% LTV by 0.05% to 1.89%.
The following residential purchase and remortgage fixed-rate deals are having their rates reduced:
Two-year fixed rate falls to 1.89% from 1.94%, 60% LTV, £995 product fee.
Two-year fixed rate falls to 2.05%% from 2.09%, 70% LTV, £995 product fee.
Two-year fixed rate falls to 2.59% from 2.69%, 70% LTV, no product fee.
Two-year fixed rate falls to 2.30% from 2.35%, 75% LTV, £995 product fee.
Two-year fixed rate falls to 2.85% from 3.15%, 75% LTV, no product fee.
Two-year fixed rate Help to Buy shared equity falls to 2.85% from 3.15%, 75% LTV, no product fee.
Three-year fixed rate falls to 2.25% from 2.34%, 60% LTV, £995 product fee.
Three-year fixed rate falls to 2.59% from 2.79%, 60% LTV, no product fee.
Three-year fixed rate falls to 2.39% from 2.45%, 70% LTV, £995 product fee.
NatWest is also reducing rates on a number of its residential purchase and remortgage tracker deals:
18-month tracker falls to 2.20% from 2.99%, 75% LTV, adding a £995 product fee
Two-year tracker falls to 1.79% from 1.94%, 60% LTV, £995 product fee
Two-year tracker falls to 2.39% from 2.49%, 60% LTV, no product fee
Two-year tracker falls to 2.49% from 2.69%, 70% LTV, no product fee
Two-year tracker falls to 2.75% from 3.15%, 75% LTV, no product fee
NatWest is also increasing rates on some of its 85% LTV residential deals and rates and fees on some of its buy-to-let mortgages.
Mark Bullard, head of Sales, NatWest Intermediary Solutions said: “We have continued to look for improvements to our intermediary offering so I am delighted that we have been able to introduce lower ERCs.
"This good news coupled with the rate reductions we have made on a wide range of our lower LTV deals should continue to make a compelling proposition for intermediaries and their clients.”
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