Natwest has announced a delay of one month to its two and five year mortgages.
The bank detailed that two year term end dates will move from November 30, 2025 to December 31, 2025, and five year term end dates will move from November 30, 2028 to December 31, 2028.
This comes as part of a number of changes announced by the bank, including rate changes and new products.
John Charcoal, mortgage technical manager at Nicolas Mendes, said that Natwest’s announcement is a "positive step" in a week in which we have seen other high street lenders make similar moves.
However, he cautioned: “It's important to not get carried away and expect to see similar rates from earlier in the year anytime soon.”
Effective from today (August 11), the announced rate changes will include reductions to Natwest’s purchase products, which will see a reduction of up to 37 basis points (bps) and 65bps on selected two and five year deals.
Remortgage products will also be reduced, experiencing a reduction of up to 45bps and 65bps on selected two and five year deals.
These rate changes include a reduction of up for its purchase products, and a reduction of the same amount for remortgaging.
For first time buyers, rate reductions of up to 37bps and 55bps on selected 90 per cent LTV two and five year deals were also announced.
Natwest additionally detailed that buy-to-let products would experience reductions of up to 25bps and 10bps, and 25bps and 15bps on selected two and five year deals for purchase and remortgage products respectively.
Additionally, the bank announced new products, such as purchase products that cover both two and five year deals, from 60 per cent to 85 per cent LTV with varying product fees.
For remortgaging, new products were announced covering both two and five year deals from 60 per cent to 85 per cent with varying product fees.
The bank detailed that these products would include £250 cashback with relevant no free legal products.
Shared equity purchase products covering two and five year deals will go from 60 per cent to 75 per cent LTV with varying product fees were also announced.
tom.dunstan@ft.com
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