A series of rate reductions have been announced by NatWest and HSBC across their mortgage products which will take effect from today (September 5).
NatWest
NatWest's reductions apply across its business rates products, such as its purchase product, which experienced a reduction of up to 19 basis points (bps) and 35bps on selected two and five year deals.
Additionally, a rate reduction of up to 8bps and 6bps on selected two and five year deals was announced for NatWest's remortgage product.
The first time buyer product also saw a rate reduction of up to 15bps and 19bps on selected two and five year deals.
NatWest also announced changes to its buy-to-let products, introducing a rate reduction of up to 35bps and 20bps on selected two and five year deals for its BTL purchase product.
The BTL remortgage product was also reduced by up to 25bps and 16bps.
Rate changes were additionally extended to the lender's new business rate and fee changes products.
These BTL products saw a reduction of up to 40 bps on selected 5 year deals, with product fee increasing to £3,499.
It also announced a change to its BTL remortgage product, introducing a rate reduction of up to 50 bps on selected 5 year deals, with product fee increasing to £3,499.
Rate reductions were also announced to existing customer rate changes, with a reduction of up to 5bps on selected 2 year deals for switcher product.
However, NatWest's changes also include the removal of selected five year products with £1,495 product fee for its purchase and remortgage product.
HSBC
HSBC also outlined a number of rate reductions to its products, though it did not specify by how much the rates will be reduced by.
HSBC’s changes will affect its five year Fixed Fee Saver LTV at 75 per cent and five year Fixed Standard at 60, 70, and 75 per cent LTV.
Residential first time buyer products are also affected by the changes with decreases to many of the lender’s fee saver and standard products.
These changes also apply to the five year Premier Exclusive at 60 per cent, 70 per cent, 75 per cent, 80 per cent, 85 per cent, and 90 per cent LTV product.
HSBC will also reduce rates on its residential remortgage and residential remortgage cashback products.
A similar change will also apply to its international residential purchase products.
These changes follow similar announcements made by other lenders such as Accord and Keystone.
tom.dunstan@ft.com
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