NatWest is giving both new and existing borrowers a welcome boost by cutting some of its mortgage rates.

This means cheaper monthly payments for anyone lucky enough to get one of these deals. Here’s a breakdown:

For those buying a new home:

• Two-year fixed rate: If you’re buying a home with an 80% loan-to-value (meaning you have a 20% deposit), the interest rate is dropping by 0.10% to 4.55%. This deal comes with a £995 product fee.
• Five-year fixed rate: For those buying with a 90% LTV (a 10% deposit), the five-year fixed rate is also down by 0.10% to 4.55%, again with a £995 fee.

First-time buyers

If you’re stepping onto the property ladder for the first time with a 90% LTV, you’ll benefit from:

• Two-year fixed rate: The rate is down by 0.10% to 5.10% with a £995 product fee and a handy £250 cashback.
• Five-year fixed rate: This rate has also been cut by 0.10% to 4.55%, also with a £995 fee and £250 cashback.

Existing homeowners looking to remortgage are also in luck.

• Two-year fixed rate: The rate for remortgaging with an 80% LTV is down by a considerable 0.15% to 5.20%, plus you get £250 cashback.

And there’s good news for buy-to-let landlords too.

• Two-year fixed rate: If you’re a landlord remortgaging a property with a 60% LTV, the rate is dropping by 0.08% to 4.66%. This deal comes with a £995 product fee.

Make sure to shop around and compare deals to find the best mortgage for your circumstances.