NatWest raises rates for 60%, 70% and 75% LTVs by 5bps

Essex Home Finance
NatWest becomes the latest high street bank to raise its loan-to-value purchase and remortgage rates.
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NatWest becomes the latest high street bank to raise its 60%, 70% and 75% loan-to-value purchase and remortgage rates by 5 basis points from tomorrow (14 October).

The move comes after HSBC also said it will raise purchase and remortgage rates for 60%, 70% and 75% LTVs over two, three and five years tomorrow, while cutting rates on loans for customers with smaller deposits. 

At NatWest, hikes for two-year fixed rate house purchases include:

A 60% LTV increases by 5bps from 1.11% to 1.16%, with no product fee.

A 60% LTV increases by 5bps from 0.93% to 0.98%, with a product fee of £995 and cashback worth £150.

A 75% LTV increases by 5bps from 1.03% to 1.08%, with a product fee of £995.

And a 75% LTV increases by 5bps from 1.23% to 1.28%, with no product fee.

Rises for two-year fixed rate remortgages include:

A 60% LTV increases by 5bps from 0.88% to 0.93%, with a product fee of £995 and cashback worth £150.

A 70% LTV increases by 5bps from 1.07% to 1.12%, with a product fee of £995 and cashback worth £250.

A 70% LTV increases by 5bps from 1.07% to 1.12%, with a product fee of £995 and cashback worth £250.

And a 75% LTV increases by 5bps from 1.38% to 1.43%, with no product fee and cashback worth £250.

Rises for five-year fixed rate house purchases include:

A 60% LTV increases by 5bps from 1.13% to 1.18%, with no product fee.

A 70% LTV increases by 5bps from 1.07% to 1.12%, with a product fee of £995 and cashback worth £250. 

A 75% LTV increases by 5bps from 1.07% to 1.12%, with a product fee of £995 and cashback worth £250.

And a 75% LTV increases by 5bps from 1.38% to 1.43%, with no product fee and cashback worth £250.

Rises for five-year fixed rate remortgages include:

A 60% LTV increases by 5bps from 1.19% to 1.24%, with no product fee and cashback worth £150.

A 60% LTV increases by 5bps from 0.98% to 1.03%, with a product fee of £995.

A 70% LTV increases by 5bps from 1.43% to 1.48%, with no product fee and cashback worth £250.

And a 75% LTV increases by 5bps from 1.30% to 1.35%, with a product fee of £995.

The bank says brokers will be able to produce mortgage illustrations and submit applications online for existing deals up to 10:30pm Wednesday 13 October 2021.

It adds that if brokers are unable to apply online due to a technical issue that cannot be resolved over the phone, then they must submit a paper-based application. In this case, brokers must email their BDM by midday on Thursday 14 October 2021. Requests received after this time will not be considered.

The lender says there is no change for existing customers, and no change to the end dates of the affected offers.

Original Article from Mortgage Strategy 13/10/21

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