Money News
RBS and NatWest announces they are to cut rates by up to 0.30% - with the prices on the majority of new fixed and tracker mortgages lowered by at least 0.10%. These deals are available through RBS and NatWest branches.
Announcing the change Andy Fell, Director of Branch Mortgages at the Bank, said "In these uncertain times, we are committed to helping borrowers who are looking for either their first mortgage or a new competitive deal. We are giving practical support by providing lower rates on all our fixed and tracker mortgages and at the same time, we still have discounts on arrangement fees of £100." The following provides some examples of the new rates available from 4 August 2008.
|
PRODUCT
|
PURPOSE
|
LTV
|
NEW RATE
|
FEE
|
CHANGE
|
|
5 year fix
|
Purchase
|
<75%
|
6.24%
|
£899
|
-0.30
|
|
5 year fix
|
Remortgage
|
<75%
|
6.34%
|
£899
|
-0.30
|
|
5 year fix
|
Remortgage
|
<90%
|
6.69%
|
£899
|
-0.10
|
|
2 year fix
|
Purchase
|
<75%
|
6.19%
|
£899
|
-0.10
|
|
2 year fix
|
Remortgage
|
<75%
|
6.29%
|
£899
|
-0.10
|
|
2 year fix
|
Remortgage
|
<90%
|
6.64%
|
£899
|
-0.15
|
In addition, NatWest has recently launched a 3 year step down tracker which is completely fee free, meaning there are no set up fees, no legal, valuations or CHAPS fees to pay for a standard re-mortgage. The step down tracker has a decreasing rate of interest across the 3 years and also offers customers a 'Track & Switch' facility, allowing customers to switch to a NatWest fixed rate mortgage product after 3 months if they wish.
3 Year Step Down Tracker Details: Maximum Loan to Value 90%
|
Year of mortgage
|
Rate
|
Early Repayment Charges
|
Incentives
|
|
Year 1
|
6.89% (base + 1.89)
|
3%
|
No set up fees, no legal fees, no valuation fees, no CHAPS fee
Track & Switch facility.(for a standard re-mortgage)
|
|
Year 2
|
6.49% (base + 1.49)
|
3%
|
|
|
Year 3
|
5.99% (base + 0.99)
|
3%
|
05 August 2008 © Moneyextra.com
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