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NatWest rate changes 12/06/23

ended 12. June 2023

NatWest has just announced: “Effective 13th June we’re making changes to our end dates and rate changes to our new and existing customer product ranges” (see screengrab below). UK newswire, Newspage, asked broker for their thoughts, specifically around the sharp hike in B2L rates.

4 responses from the Newspage community

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Riz Malik
Independent Financial Adviser at R3 Wealth
The considerable rise in mortgage rates on buy-to-let properties underlines the flux in the market at present and introduces yet more hardship and pain for numerous landlords. With each passing day, the financial calculations seem to make less sense. This a significant blow for the entire UK buy-to-let market.
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Justin Moy
Managing Director at EHF Mortgages
Natwest is increasing the rates on their schemes, such as the buy to let deals, green mortgages and Help to Buy. Some increases are as much as 1.38% on specific deals, with a more palatable but unwelcome 0.2% increase across their standard products for remortgages and purchases. When will it end?!
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Luke Thompson
Director at PAB Wealth Management
Given these latest rates, it seems pretty obvious that NatWest don't want to be in the buy-to-let mortgage arena at this point in time. My assumption is that they want to see where swap rates will go in the coming weeks and once they have a bit more of an idea on that front they may start to price buy-to-let products more competitively again.
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Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
In light of the latest NatWest rate increases, it appears that NatWest is temporarily scaling back its buy-to-let lending activities and redirecting its focus towards residential applications. It looks as if this is a strategic decision that aims to ensure that service levels remain unaffected during this period.