Good news for homebuyers and those looking to remortgage – NatWest is cutting interest rates on a range of mortgages by up to 23bps
From tomorrow (July 2nd), borrowers could bag a cheaper deal, whether they’re buying a new home or sticking with their current property.
Here’s the breakdown of the cuts:
For those buying a new home:
- Standard two and five-year mortgages: Rates slashed by up to 23 basis points (bps) – that’s nearly a quarter percent!
- Big mortgages (high value): Rates reduced by up to 10bps for two-year deals and 6bps for five-year deals.
- First-time buyers: It’s a little less generous, with rates down by up to 5bps for two years and 6bps for five.
- Shared ownership: Rates cut by up to 8bps for two-year mortgages and a significant 12bps for five-year deals.
- Buy-to-let: Landlords benefit too, with rates down by up to 3bps for two-year mortgages and 7bps for five-year mortgages.
- Green mortgages (for energy-efficient homes): Buyers can enjoy rate cuts of up to 6bps on both two and five-year deals.
For existing homeowners looking to remortgage:
- Standard two and five-year mortgages: Rates cut by up to 13bps and 8bps respectively.
- Buy-to-let: Rates down by a decent 18bps for two-year deals and 14bps for five-year deals.
- High value homes: Enjoy cuts of 13bps on two-year fixed rates and 8bps on five-year fixed rates.
- Help-to-Buy shared equity: Rates reduced by up to 6bps for both two and five-year remortgages.
- Green mortgages: Rate reductions of up to 6bps for two years and 8bps for five.
- Green buy-to-let: Rates sliced by 3bps for two years and 7bps for five.
And there’s more!
NatWest is also making things cheaper for existing customers who want to switch to a new deal, with rates dropping by 8bps for two-year options and 7bps for five-year options.
What does this mean for you?
This is a positive sign for the mortgage market and could mean cheaper borrowing for many. If you’re considering a new mortgage or remortgage, it’s worth speaking to a mortgage advisor to see how much you could save!