From today, five-year remortgage deals at 85% LTV will reduce from 3.28% to 2.38%, with a £995 product fee.
According to the lender, 60% LTV rates will see cuts of up to 67bps, 70% LTV products by 63bps and 75% LTV rates by 78bps. Higher LTV bands, including 80% and 90% deals, will see rate cuts of up to 0.71% and 69bps respectively.
NatWest is also making rate reductions of up to 13bps on its five-year fixed rate purchase deals, and introducing £500 cashback on selected products.
Two-year fixed rates are decreasing by between 5-23 bps but will see cashback reduce from £500 to £350.
New rates include a two-year fixed rate at 1.19% up to 60% LTV with a £995 product fee, and a two-year first-time buyer fixed rate at 2.84% up to 90% LTV with no fee.
Mark Bullard, Head of Sales, commented: “With the expectation that interest rates will start to creep upwards in the not too distant future and the degree of uncertainty that the Brexit negotiations is having on economic forecasts, we have detected a demand from brokers and their customers to lock-in to longer term mortgage deals.
We have responded to this trend by reviewing our deals and I am pleased to be able to deliver a really comprehensive set of rate reductions on our longer term mortgages to offer brokers and their customers more attractive rates.”
