by Peter Jacobs
Four new reductions in mortgage rates for some of the RBS and Natwest fixed and variable rate mortgages have been launched onto the market today for both new and existing borrowers. The new range of deals comes after another week has passed with many new products being launched onto the market with either lower rates and / or lower application fees. Whilst the product fees for these products are still higher than the First Direct £99 launched last week they are still around the average for the market as a whole. These products can be used for people moving home or for remortgaging to take out home equity although they are for the less risky part of the market because the maximum loan to value for all of these new deals is set at just 60%.
The new Natwest and RBS deals at a glance
The four new mortgages available from today for new and existing customers wishing to remortgage are as follows :
Last week the two companies also launched a range of fixed savings accounts with an impressive interest rate of 3.5% on money in a deposit account.
The group has also launched new products via its intermediary division which are only accessible by brokers and independent financial advisers (IFAs) the details of the new mortgages in this side of their business are as follows :
Applying for these new mortgages
You can easily apply for any of these new products by either visiting either of the companies’ websites and following the instructions they present to you, including other mortgage loan products they may offer and completing the online details (or by giving them a call) or speak to your independent financial adviser or mortgage broker who can provide more information on these and advise you on other options for either buying a new home or remortgaging your current loan.
Natwest Intermediaries Division Comments on the market :
“Having experienced a significant decline in market size in line with the residential market, the buy-to-let sector has displayed a considerable amount of stability over the last year or so with around £2.1bn of gross advances being made each quarter since Q1 2009.” said Graham Felstead, head of intermediary channel, NatWest Intermediary Solutions, and continued “there are signs that the health of this sector is on the up, evidenced by the improvement in the arrears rate for buy-to-let properties. For those buy-to-let investors who are back in the market our new tracker deal offers them an attractive deal.”
Graham also said “With the expectation that we could see rates start to rise sometime in 2011, it’s a good time for intermediaries to investigate the potential benefits of remortgaging their residential clients. The rate on our new remortgage product will compare well to the current SVRs that brokers’ clients find themselves on.”
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