Meanwhile, for products within its fee based product range, it has cut rates by up to 0.46%.

Within its Help to Buy shared equity purchase and remortgage ranges, the lender has also reduced rates by up to 256 basis points.

For existing customers, NatWest has cut rates by up to 0.15% on selected product switcher deals.

The lender is also changing its end dates, 2-year term end dates are moving from 31 March 2023 to 30 June 2023 and 5-year term end dates are moving from 31 March 2026 to 30 June 2026.

Mark Bullard, head of sales at NatWest Intermediary Solutions, said: “These reductions underline our commitment to the intermediary market and our improved service proposition.

“I’m delighted that we are making reductions across a wide selection of LTV bandings that support numerous customer types; from first-time buyers, to those looking to purchase or for shared equity mortgages.”