NatWest has jumped into the mortgage rate war with a mix of rate cuts and increases that could impact both first-time buyers and those looking to remortgage.

This comes hot on the heels of similar moves by HSBC, as major lenders battle it out to offer the most attractive deals. But what do these changes actually mean for your wallet?

Here’s the breakdown:

• First-time buyers and home movers looking at 2 and 5-year fixed-rate deals could see increases of up to 0.15% (15 basis points).
• Good news for remortgagers: Some remortgage rates will be cut by as much as 0.16% (16 basis points).
• Green mortgages are also getting cheaper, with rates dropping by up to 0.1% (10 basis points).
• Help to Buy remortgages will also see a welcome reduction, with rates falling by up to 0.16% (16 basis points).

So, is NatWest’s move a good deal?

Mortgage expert Nicholas Mendes from John Charcol points out that NatWest’s new rate of 3.83% (with a £1,495 fee) puts them in direct competition with Barclays and HSBC. However, HSBC currently edges them out with a slightly higher rate of 3.84% but a lower fee of £999.

HSBC also takes the lead for Premier account holders, offering an even better rate of 3.81%.

What’s next?

It remains to be seen whether Barclays and HSBC will respond to NatWest’s latest move, or if this is simply NatWest aligning its broker offerings with deals available directly to customers.