The new buy-to-let purchase and remortgage deals being launched are to cater for the increasing demand for longer term fixed rate mortgages that brokers are seeing from their landlord clients - a 5 year fixed rate at 3.99% (60% LTV, £1,995 product fee) and a 5 year fixed rate at 4.39% (75% LTV, £1,995 product fee).
The buy-to-let purchase and remortgage fixed rate and tracker deals that are having their rates reduced are:
- 2 year fixed rate decreasing to 3.39% from 3.59%, 75% LTV, £1,995 product fee
- 2 year fixed rate decreasing to 4.25% from 4.49%, 75% LTV, no product fee
- 2 year tracker decreasing to 3.29% from 3.49%, 75% LTV, £1,995 product fee
- 2 year tracker decreasing to 4.15% from 4.39%, 75% LTV, no product fee
NatWest Intermediary Solutions will be increasing rates of between 0.04-0.24% on a number of its fixed rate and tracker residential purchase and remortgage deals – the vast majority being a 0.10% increase or less.
Mark Bullard, Head of Sales, NatWest Intermediary Solutions said:
“We are committed to growing our presence and supporting intermediaries in the ‘amateur landlord’ segment of the buy-to-let sector. Research we conducted at the turn of the year, showed that brokers had enjoyed a good last quarter of 2013 for buy-to-let business and the vast majority were optimistic that they would see an increase in the amount of buy-to-let cases they will be writing this year.
“The launch of these two new 5 year deals is a direct response to feedback we received from many of our intermediary partners who informed us that there was a significant demand from landlords for longer term fixed rate deals. These new deals combined with the rate cuts on the other buy-to-let deals offers brokers a great opportunity to make further inroads into this sector. The rate changes we have made to some of our residential deals reflects the current market conditions.”
