NatWest passes on base rate cut to SVR customers in full
Royal Bank of Scotland subsidiary NatWest has announced its standard variable rate (SVR) for mortgages will be reducing by 0.25 per cent in line with the Bank of England base rate reduction, bringing the rate for customers from 4 per cent down to 3.75 per cent.
Any new or existing customers can take advantage of the some of the bank’s lowest mortgage rates on offer; including 1.67 per cent on a 60 per cent LTV 2 year fixed rate deal for a home purchase.
NatWest offers the same price for new and existing customers across its range of mortgages, something many other lenders don’t do.
RBS chief executive Ross McEwan, said: “We’re passing on the base rate cut in full to our valued mortgage customers on our standard variable rate.We have been the fastest growing large UK bank with net lending growth of over £20bn in the first half of the year - higher than any other bank. We’re open for business and ready to lend responsibly to homebuyers up and down the country.”
NatWest’s parent company has seen strong growth in gross new mortgage lending at £14.7 billion in the first half of the year, 62 per cent more than the same period last year. The bank has more mortgage advisers than ever at 1000 in branches and on the phone – an increase of 15 per cent on the same period last year - and aims to help more customers than ever this year to buy a new home or save money on their mortgage.
NatWest has just launched new Help to Buy cashback deals for first time buyers and has made its mortgage application and approval process faster, so customers can have the peace of mind of a quicker decision.
Across the bank, NatWest’s relationship managers for business customers are proactively contacting eligible businesses with ‘statements of appetite’ to let them know how much the bank is willing to lend them.
NatWest recently launched a £1.1 billion fund for the UK’s smallest businesses.