NatWest undercutting Nationwide with new fixed rate mortgages from 4.65% for mortgages up to £2 million
Tags: Remortgages, Residential mortgages
Quick Summary
NatWest is cutting mortgage rates by up to 0.37% across residential, buy-to-let, remortgage and existing customer products, as competition between lenders intensifies. Trinity Financial says the lender’s new two-year fixed deal at around 4.65% slightly undercuts Nationwide’s leading rates, while some five-year fixes for borrowers with larger deposits start at just over 4.75%. The changes follow recent reductions by Halifax, HSBC and others, as average fixed rates begin to ease. The article says NatWest is also lowering tracker margins, giving borrowers more choice at a time when mortgage pricing remains sensitive to wider market volatility and Middle East tensions.
NatWest is lowering mortgage rates by up to 0.37% tomorrow across its residential and buy-to-let mortgage ranges.
The lender is cutting prices across its new business, existing customers and additional borrowing products. The move follows reductions from Halifax, HSBC and a number of other lenders last week.
On Friday, Moneyfacts revealed that average fixed rates had edged downwards week on week for the first time since the outbreak of war in Iran at the end of February.
The mortgage rate cuts at NatWest are extensive, covering property purchase, remortgage and product transfer for landlords and owner occupiers. Its biggest reduction is to a fee-free five-year fixed rate for residential house purchases with a 5% deposit, which is falling by 0.37%. Many of its other rates have been lowered by more than 0.20%.
Aaron Strutt, product director at Trinity Financial, says: “NatWest is lowering its tracker margins as well as its fixes, which is nice to see because some other lenders have raised their trackers just as they have become more popular.
“NatWest is reducing its two-year fix by 0.10% to around 4.65%, marginally undercutting Nationwide’s current best-buy deals. NatWest's five-year fixes for borrowers with larger deposits also undercut Nationwide, starting at just over 4.75%. The mortgage market remains in a difficult position, given the latest developments in the Middle East and how much they affect mortgage pricing.”
Natwest's lowest mortgage rates are available to borrowers putting down a 40% deposit; they have a £1,499 arrangement fee with a £1,999,999 maximum mortgage loan size. Nationwide's lowest rates are typically available for mortgages between £300,000 and £5 million.
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The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.
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