From Tuesday 30th June 2020 NatWest will be introducing rate decreases for products across their Core and Semi-Exclusive ranges for new customers. The changes also include reductions to cashback across their 2 and 5 year remortgage ranges. As well as a withdrawal of selected Semi-Exclusive remortgage products.

Mark Bullard: “We’re delighted to be making our 3rd tranche of rate reductions this month. In particular we have sharpened up our offering to new business customers, especially those looking at Help to Buy or to purchase their new home”

Here’s a summary of the changes:

New Business

  1. Intermediary Exclusives – Rate changes/Withdrawals
  • Purchase: Rate reductions of up to 4bps on selected 2 year deals and 8bps on selected 5 year deals
  • Help to Buy Shared Equity Remortgage: Rate reductions of up to 25bps both on selected 2 and 5 year deals
  • Remortgage – Withdrawals: Withdrawal of one 80% LTV 2 year product and also on selected 70%, 75% and 80% LTV 5 year products
  1. Core Range – Rate Changes
  • Purchase: Rate reductions of up to 4bps on selected 2 year deals and 8bps on selected 5 year deals.
  • Shared Equity Purchase: Rate reductions of up to 10bps on selected 2 year deals and 24bps on selected 5 year deals.
  • Help to Buy Shared Equity Purchase: Rate reductions of up to 10bps on selected 2 year deals and 24bps on selected 5 year deals.
  • Remortgage – High Value: Rate reduction of 1bps on 60% LTV 5 year deal
  • Help to Buy Shared Equity Remortgage: Rate reductions of up to 25bps both on selected 2 and 5 year deals
  1. Core Range – Rate Changes and cashback reductions
  • Remortgage: Rate reductions of up to 11bps on selected 2 years deals and up to 7bps on selected 5 year deals, alongside a reduction of cashback from £250 to £0.
  • Remortgage – High Value: Rate reduction of 10bps on 70% LTV 2 year deal

Existing Customers

  1. Product Switchers – Additional borrowing: In line with new business we will be limiting applications for additional borrowing as part of a product switch to 80% LTV, i.e. the combined product switch and additional borrowing must not be greater than 80% LTV.

End dates

No change

As a responsible lender, we have been able to make these changes whilst ensuring that we maintain our risk appetite and the quality of business we accept.

 

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Additional information:

Here’s a full list the changes with product codes in brackets:

New Business

Core Range

Residential

Rate Changes

2 year fixed rate purchase

[FO23812] 60% LTV, decreasing by 4bps from 1.21% to 1.17%, product fee £995, cashback £250

[FO23813] 75% LTV, decreasing by 1bps from 1.25% to 1.24%, product fee £995, cashback £250

2 year fixed rate – Shared equity purchase

 

[FO23826] 60% LTV, decreasing by 10bps from 1.47% to 1.37%, product fee £995, cashback £250

[FO23827] 75% LTV, decreasing by 8bps from 1.59% to 1.51%, product fee £995, cashback £250

2 year fixed rate – Help to Buy shared equity purchase

[FO23831] 60% LTV, decreasing by 10bps from 1.47% to 1.37%, product fee £995, cashback £250

[FO23832] 75% LTV, decreasing by 8bps from 1.59% to 1.51%, product fee £995, cashback £250

5 year fixed rate purchase

[FO23814] 60% LTV, decreasing by 8bps from 1.49% to 1.41%, product fee £995, cashback £250

[FO23815] 70% LTV, decreasing by 5bps from 1.65% to 1.60%, product fee £995, cashback £250

[FO23816] 75% LTV, decreasing by 5bps from 1.65% to 1.60%, product fee £995, cashback £250

[FO23817] 80% LTV, decreasing by 2bps from 1.79% to 1.77%, product fee £995, cashback £250

 

5 year fixed rate – shared equity purchase

[FO23828] 60% LTV, decreasing by 24bps from 1.85% to 1.61%, product fee £995, cashback £250

[FO23829] 70% LTV, decreasing by 3bps from 1.85% to 1.82%, product fee £995, cashback £250

[FO23830] 75% LTV, decreasing by 3bps from 1.86% to 1.83%, product fee £995, cashback £250

5 year fixed rate – Help to Buy shared equity purchase

[FO23833] 60% LTV, decreasing by 24bps from 1.85% to 1.61%, product fee £995, cashback £250

[FO23834] 70% LTV, decreasing by 3bps from 1.85% to 1.82%, product fee £995, cashback £250

[FO23835] 75% LTV, decreasing by 3bps from 1.86% to 1.83%, product fee £995, cashback £250

 

2 year fixed rate – Help to Buy Shared Equity remortgage

[FO23836] 60% LTV, decreasing by 25bps from 2.16% to 1.91%, product fee £995, cashback £500

[FO23837] 70% LTV, decreasing by 25bps from 2.17% to 1.92%, product fee £995, cashback £500

[FO23838] 75% LTV, decreasing by 25bps from 2.33% to 2.08%, product fee £995, cashback £500

5 year fixed rate remortgage – high value

[FO23855] 60% LTV, decreasing by 1bps from 1.42% to 1.41%, product fee £995

5 year fixed rate – Help to Buy shared equity remortgage

 

[FO23839] 60% LTV, decreasing by 25bps from 2.29% to 2.04%, product fee £995, cashback £500

[FO23840] 70% LTV, decreasing by 25bps from 2.33% to 2.08%, product fee £995, cashback £500

[FO23841] 75% LTV, decreasing by 25bps from 2.40% to 2.15%, product fee £995, cashback £500

Rate Changes and Cashback Changes

2 year fixed rate remortgage

[FO23818] 60% LTV, decreasing by 11bps from 1.28% to 1.17%, product fee £995, cashback decreasing from £250 to £0

[FO23819] 70% LTV, decreasing by 10bps from 1.35% to 1.25%, product fee £995, cashback decreasing from £250 to £0

[FO23820] 75% LTV, decreasing by 10bps from 1.35% to 1.25%, product fee £995, cashback decreasing from £250 to £0

[FO23821] 80% LTV, decreasing by 6bps from 1.51% to 1.45%, product fee £995, cashback decreasing from £250 to £0

2 year fixed rate remortgage – high value

[FO23854] 70% LTV, decreasing by 10bps from 1.34% to 1.24%, product fee £995, cashback decreasing from £250 to £0

5 year fixed rate remortgage

[FO23822] 60% LTV, decreasing by 4bps from 1.46% to 1.42%, product fee £995, cashback decreasing from £250 to £0

[FO23823] 70% LTV, decreasing by 7bps from 1.57% to 1.50%, product fee £995, cashback decreasing from £250 to £0

[FO23824] 75% LTV, decreasing by 7bps from 1.57% to 1.50%, product fee £995, cashback decreasing from £250 to £0

[FO23825] 80% LTV, decreasing by 4bps from 1.79% to 1.75%, product fee £995, cashback decreasing from £250 to £0

Exclusive

Residential

Rate Changes

2 year fixed rate purchase

[FO23842] 60% LTV, decreasing by 4bps from 1.19% to 1.15%, product fee £995

[FO23843] 75% LTV, decreasing by 1bps from 1.26% to 1.25%, product fee £995

5 year fixed rate purchase

[FO23844] 60% LTV, decreasing by 8bps from 1.48% to 1.40%, product fee £995

[FO23845] 70% LTV, decreasing by 5bps from 1.59% to 1.54%, product fee £995

[FO23846] 75% LTV, decreasing by 5bps from 1.59% to 1.54%, product fee £995

[FO23847] 80% LTV, decreasing by 2bps from 1.77% to 1.75%, product fee £995

2 year fixed rate – Help to Buy shared equity remortgage

[FO23848] 60% LTV, decreasing by 25bps from 1.85% to 1.60%, product fee £995, cashback £500

[FO23849] 70% LTV, decreasing by 25bps from 1.88% to 1.63%, product fee £995, cashback £500

[FO23850] 75% LTV, decreasing by 25bps from 1.96% to 1.71%, product fee £995, cashback £500

5 year fixed rate – Help to Buy shared equity remortgage

[FO23851] 60% LTV, decreasing by 25bps from 2.13% to 1.88%, product fee £995, cashback £500

[FO23852] 70% LTV, decreasing by 25bps from 2.24% to 1.99%, product fee £995, cashback £500

[FO23853] 75% LTV, decreasing by 25bps from 2.26% to 2.01%, product fee £995, cashback £500

Withdrawn

2 year fixed rate remortgage

[FO22212] 80% LTV, 1.45%, product fee £995

5 year fixed rate remortgage

[FO23724] 70% LTV, 1.50%, product fee £995

[FO23734] 75% LTV, 1.50%, product fee £995

[FO22181] 80% LTV, 1.77%, product fee £995

 

Existing Customer

 

Product Switchers – Additional borrowing: In line with new business we will be limiting applications for additional borrowing as part of a product switch to 80% LTV, i.e. the combined product switch and additional borrowing must not be greater than 80% LTV.

 

 

End dates

 

There are no changes to end dates

Transitional arrangements

You’ll be able to produce Mortgage Illustrations and submit applications online for existing deals up to 10:30pm Monday 29 June, 2020.

If you are unable to submit an application online due to a technical issue that cannot be resolved over the phone, then you must submit a paper-based application. In this instance, you must e-mail your BDM by midday on Tuesday 30 June 2020. Requests received after this time will not be considered.

Your email must include in bullet points:

  • Your details – name, company and postcode
  • Customer name
  • Product applying for
  • Amount of mortgage loan
  • Reason for paper application – If you have experienced a technical issue a clear description of the problem encountered with error code (if applicable) must be provided
  • State whether you were trying to submit via NatWest Intermediary Solutions’ website or the Mortgage Trading Exchange

Paper applications must be signed by all applicants and the original received at the following address by close of business on Thursday 2 July 2020 for your rate to be honoured:

 

 

FREEPOST NatWest Intermediary Solutions

Mortgage Centre

Cartsdyke Avenue

Greenock

PA15 1ED

 

For a complete listing of all our mortgage products, please visit the product page on our web site.

Mark Bullard, head of sales at NatWest Intermediary Solutions, said: “We’re delighted to be making our third tranche of rate reductions this month.”

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