"Some of these reductions bring NatWest back in line with the rest of the market, I am sure others will follow the lead from HSBC and NatWest later this week."
Following HSBC announcing rate cuts across its residential range earlier today, NatWest has also announced a series of rate cuts across its residential and buy-to-let mortgage ranges.
Available from tomorrow, residential purchase products will reduce by up to 35bps and tracker rates by up to 55bps.
Remortgage fixed rates have lowered by up to 8bps and tracker rates by up to 46bps.
In addition, first-time buyer products are down by up to 19bps with green purchase and remortgage deals cut by up to 6bps.
In the Bank's buy-to-let range, purchase rates are being reduced by up to 35bps and remortgage rates by up to 25bps. Green buy-to-let products will also reduce by up to 22bps.
Selected buy-to-let rates are also seeing rate and fee changes. For purchases, selected five-year deals are being lowered by up to 40bps and remortgage rates by up to 50bps, with the product fee increasing to £3,499.
UK news agency, Newspage, asked brokers for their views.
Anil Mistry, director and mortgage broker at RNR Mortgage Solutions, said: "Kudos to NatWest for taking a cue from HSBC and reducing their rates. It's another sign that more banks are eager to do business. Great news for borrowers."
Justin Moy, managing director at EHF Mortgages, commented: "There are plenty of rate reductions from NatWest today, with notable reductions on tracker products and purchase deals. Some of these reductions bring NatWest back in line with the rest of the market, I am sure others will follow the lead from HSBC and NatWest later this week."
Steven Morris, advising director at Advantage Financial Solutions, added: "It seems a magic combo of factors are coming together to reduce mortgage costs, slowly but surely. A slowing purchase market, the expected seasonal summer lull and now reducing swap rates (which are now around 0.2% lower than they were in June), now incentivises lenders, even those whose service hasn't been 'top notch' in recent times are pricing down. HSBC and now Natwest. Whilst the Lloyd's banking group only repriced last week, it is only a matter of time before their sub-divisions such as Halifax do so again to keep up with the Joneses."
