NatWest latest to make mortgage rate cuts
TSB & Nationwide were among the first lenders to announce cut’s across their mortgage products last week and now NatWest has joined them.
We’re unsurprised that NatWest are the latest lender to announce reductions to their mortgage rates. Whether it’s on YouTube or watching television, you’ve probably come across the banks adverts for their mortgage services. This suggests that NatWest are not looking to be left behind in 2023 and are aggressively competing for their market share.
Should we expect more cuts?
The Bank of England’s Monetary Policy Committee will be meeting to discuss the Base Rate on Thursday 2nd of February – should they vote to make further increases then we imagine lenders will once again re-adjust their mortgage rates.
However, in 2023 experts are predicting a reduction in house sales by as much as 20% – lenders will have to carefully balance profits against remaining competitive if they hope to fulfil their years targets.
It could be that the lenders aren’t predicting any further hikes for the time being – or that an additional hike has already been ‘priced in’ to their product ranges. If this is the case then we may see mortgage rates level for the time being.
How much have mortgage rates come down by?
The mortgage rate cuts by NatWest take effect today (10th January 2023) and will benefit new and old customers alike.
The single largest rate cut the mortgage lender has made is to their five-year fixed-rate remortgage product at 90% LTV (Loan to Value) which has been cut by 74bps (base percentage points). This product is now 4.90% down from 5.64% and has no product fee.
The largest cut made for their existing customers is to their five-year fixed-rate switcher at 90% LTV, down by 65bps to 4.86% from 5.50% with no product fee.
What’s available for me?
The rates shown above are for illustration purposes only. We cannot guarantee that these products will be available for you and even if they are, they may not be suitable.
The best way to find out about the best mortgage products available to you is by speaking with a mortgage specialist. An independent mortgage broker such as those at Prospect Tree Mortgages will be able to combine your personal circumstances and their extensive knowledge of mortgages to find you the products which suit you best.
You can speak to one of our experts today by booking a FREE discovery call.
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A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.