NatWest will cut fixed rates across a range of mortgages bringing some residential loans down to 3.89% tomorrow, while Santander also reduces fixes by up to 27 basis points as the sector’s price war continues.
NatWest’s reductions of up to 76bps include:
- Five-year 60% loan to value purchase fixes down by 14bps to 3.89%, with a £1,495 product fee
- Two-year 60% LTV remortgage fixes down by 76bps to 4.05%, with a £3,499 product fee
- Two-year 65% LTV green landlord purchase fixes down by 42bps to 4.57%, with a £995 product fee
NatWest’s move comes after it last week launched a sub-4% mortgage deal that is only available to direct customers in a move that frustrated brokers. It offers online-only direct customers five-year fixes at 3.97% up to 60% LTV with a £1,495 fee.
Meanwhile, Santander also launches a range of mortgage reductions tomorrow, which include:
New business
- Selected residential fixes down by between 2bps and 19bps for purchases and remortgages
- Selected landlord fixes down by between 5bps and 15bps
Product transfers
- Selected residential fixes down by between 1bp and 27bps
- Selected landlord rates down by between 5bps and 15bps
The lender will also launch 10-year purchase and remortgage fixes.
The move follows a 0.25% base rate cut to 5.00% by the Bank of England earlier this month, which has quickened the pace of summer home loan reductions among lenders, sparking a price war.
