NatWest cuts fixed-rate mortgage price
Tuesday, 05 Aug 2008 14:48
NatWest is to cut the interest on its fixed-rate mortgage products in response to a sustained fall in industry Swap rates.
Rates will be cut by as much as 0.30 per cent on the shorter-term fixed-rate deals, with the majority of new fixed and tracker mortgages lowered by at least 0.10 per cent.
Announcing the change Andy Fell, director of branch mortgages at NatWest, 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."
NatWest also confirmed today it was to launch a three-year step down tracker, which is completely fee free – with no set up fees, no legal, valuations or CHAPS (Clearing House Automated Payment System) fees to pay for a standard re-mortgage.
The step down tracker has a decreasing rate of interest across the three-years and also offers customers a 'Track & Switch' facility, allowing customers to switch to a NatWest fixed-rate mortgage product after three months if they wish.
The deals are available through Royal Bank of Scotland (RBS) – NatWest's parent company - and NatWest branches.