The reductions will be effective from 29 April.

For new business, NatWest is cutting rates by up to 33bps and 34bps on selected 2 and 5-year purchase products respectively.

Remortgages will see cuts of up to 14bps and 26bps on selected 2 and 5-year deals, respectively.

First-time buyer products up to 80% LTV will be reduced by 4bps, and within the Green Mortgage range cuts of 1bps and up to 8bps on selected 2 and 5-year fixed will apply.

For cashback 5-year purchase products, rate reductions of up to 24bps on selected deals apply. Within this range for 90% LTV offerings, the lender has reduced rates by 1bps.

Cashback 5-year remortgage products up to 60% LTV will see a 1bps reduction on 29 April.

For existing customers, the lender is increasing rates for switchers by up to 25bps and 15bps on selected 2- and 5-year deals respectively.