Good news for anyone looking to buy or remortgage a home! NatWest is slashing its fixed-rate mortgage rates by up to a whopping 17 basis points (bps) from tomorrow, 20th June.

This means cheaper monthly payments for borrowers and potentially thousands of pounds saved over the lifetime of a mortgage.

Here’s the breakdown:

• Standard Purchases: Rates cut by up to 14bps for 2-year fixes and 12bps for 5-year fixes.
• Remortgaging: Even bigger savings here with rates cut by up to 15bps for 2-year fixes and a massive 17bps for 5-year fixes.
• High-Value Properties: Both purchasers and remortgagers can benefit from cuts of up to 13bps on 2-year fixes. Those looking at 5-year fixes could see rates slashed by 10bps for purchases and a massive 17bps for remortgages.
• First-Time Buyers: Getting on the property ladder just got easier with rates cut by up to 10bps for 2-year fixes and 12bps for 5-year fixes.
• Shared Equity Schemes: Both purchasers and remortgagers on shared equity schemes (including Help to Buy) will also see reductions across 2 and 5-year fixed rates.
• Green Mortgages: Environmentally conscious homeowners can also bag a bargain with rate cuts on both purchase and remortgage green mortgages.

The new rates mean that a homeowner remortgaging a £250,000 mortgage from a standard variable rate of 7% to a 5-year fixed rate at 5.3% could save over £3000 per year.

In addition to the rate cuts, NatWest is also extending the end dates for its fixed-rate mortgages:

• 2-year fixes will now end on 31st October 2026.
• 5-year fixes will now end on 31st October 2029.

This move from NatWest comes amidst a flurry of activity in the mortgage market and could signal the start of a price war as lenders compete for customers. It’s a great time to shop around for a mortgage deal and see how much you could save!