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NatWest Bank has reduced some of its mortgage interest rates on buy to let investment and residential mortgages.
The NatWest Bank buy to let switcher now shows interest rate reductions of up to 0.15 per cent on the two-year and five-year products on loan to value (LTV) of 60 per cent and 90 per cent.
These latest cuts by NatWest Bank follow previous interest rate cuts as recent as last month when the bank also launched a new selection of new buy to let finance products.
Following the Bank of England’s decision to hold base interest rates, the new NatWest range includes a 2.45 per cent five-year fixed rate buy to let exclusive for purchases, which is available at 70 per cent loan to value (LTV) and comes with a £995 product fee.
Head of sales at NatWest Bank, Mark Bullard, said: ‘We have taken this opportunity to reaffirm our commitment to the buy to let market by offering reductions on our two- and five-years deals across our exclusive and core ranges.’
In addition to the interest rate cuts, NatWest Bank also launched a simplified buy to let calculator, designed to make the initial affordability discussions brokers have with customers quicker and simpler for most cases.
Eligibility for the calculator includes landlords remortgaging from another lender to repay their existing outstanding mortgage on a like for like basis, small landlords, those with three or less buy to let investment properties and portfolio landlords, those with four or more.
Mr Bullard went on to say: ‘We are happy to be launching the simplified buy to let calculator, on the strength of feedback we’ve received from brokers.
‘We have reviewed our policy and are pleased we’re now be able to provide the market with an alternative lender option, signifying our intent to grow our market share in this sector.’