NatWest Intermediary Solutions has reduced several higher loan-to-value residential mortgages in its broker portfolio.
It has also made some small increases to rates on its lower loan-to-value LTV deals and launched a two-year tracker rate mortgage.
Key features
■ The biggest rate reductions are being introduced to its 90 per cent LTV deals with its two-year fixed rate deals being cut by 34 basis points to 2.76 per cent (£995 product fee) and 49bps to 3.25 per cent.
■ Its three-year fixed rate deals coming down 37bps to 3.31 per cent (£995 product fee) and 37bps to 3.78 per cent.
■ Its five-year year fixed rate mortgages reducing by 13 bps to 3.60% (£995 product fee) and 42bps to 3.93 per cent.
■ The new two-year tracker will offer an initial rate of 1.78 per cent for a max LTV of 75 per cent.
Paul Kane, acting head of sales for NatWest Intermediary Solutions, said: “We regularly review our intermediary range of products to ensure that we offer a balanced and competitive portfolio.
The rate reductions on our higher LTV mortgages should provide brokers with a better choice to offer their customers with smaller deposits.”
Adviser verdict
Jane King, adviser for London-based Ash Ridge, said: “In line with other high-street lenders such as Nationwide and Abbey, NatWest is looking to tap in to the higher LTV market as it no longer feels that this is particularly high-risk lending.
“This end of the market is going to become more competitive, which is good news for first-time buyers, as long as lenders do not tighten criteria to the extent that the majority of applicants are frozen out and cannot access them.”
