NatWest has announced that it will introduce several three figure rate reductions on its core range BTL deals as well as cutting the product fees by £1,000 on several buy-to-let mortgages.
The lender also confirmed that it will also make rate reductions on two 95% LTV residential deals.
The biggest rate reduction is on its 5 year fixed rate, 70% LTV, £0 product fee, buy-to-let purchase mortgage that is being reduced by 156bps to 3.08%. Other three figure reductions include the 2 year fixed rate, 70% LTV, £0 product fee, purchase mortgage that’s reducing by 110 bps to 2.68%.
The 2 year fixed rate, 75% LTV, £0 product fee, purchase mortgage is reducing by 107bps to 2.77%; the 5 year fixed rate, 60% LTV, £0 product fee, purchase mortgage is reducing by 101bps to 2.98%; the 5 year fixed rate, 75% LTV, £0 product fee, is reducing by 153bps to 3.25%; and the 5 year fixed rate remortgage, 75% LTV, reducing by 100bps to 2.98% and having its fee reduced to £995.
In all, nine of its buy-to-let deals will see product fees cut from £1,995 to £995.
Mark Bullard, Head of Sales, commented, “Having declared our intent to continue to fully support the buy-to-let sector under the new PRA requirements, it’s timely that we are able to announce such significant cuts to both our rates and product fees on so many of our buy-to-let deals. We want to remain competitive in this sector and will continue to work with intermediary firms on developing our buy-to-let proposition which we will look to improve in the autumn.”