NatWest increases buy-to-let rates
NatWest has increased rates on its buy-to-let mortgage deals.
Its two year fixed-rate buy-to-let purchase deal at 60% loan-to-value (LTV) has been increased from 1.61% to 1.83%, while the lender has also increased rates on its two-year deals with higher LTVs.
However, NatWest is reducing the cost of its five-year remortgage buy-to-let deals.
The largest reduction is at 75% LTV, where rates have been reduced from 2.8% to 2.68%, subject to a £995 arrangement fee.
“We have made some adjustments to rates to reflect the current market conditions and balance our mix of business,” said NatWest’s head of sales Mark Bullard.
This is the second month in a row that NatWest has raised rates on purchase deals, saying that it reflects ‘current market conditions’.
In April, the lender increased some of its two-year fixed rate BTL purchase products by one to 3bps, while some five-year fixed rate purchases were increased by up to 11bps.
A NatWest Intermediary Solutions spokesman said: “Having reviewed our portfolio we have made some adjustments to rates to reflect the current market conditions and balance our mix of business.”