NatWest makes it easier for people with Help to Buy mortgages to save cash
Natwest launches a new range of Help to Buy Shared Equity remortgage products to allow people to benefit from “really competitive” rates.
People who have Help to Buy deals will find this could make their lives a lot easier. It used to be the case that less than half of the lenders who gave borrowers a Help to Buy mortgage would accept a remortgage application from a borrower who wanted to switch lenders.
It meant that for many homeowners the only likely way they could save money was hoping they could switch to a better rate with their existing lender.
The new NatWest products have been made available to customers who are already in a Help to Buy Shared Equity mortgage arrangement with other lenders. These people can now switch to NatWest keeping the same term and balance on a like-for-like basis.
The only downside is that in order to make the move, customers have to notify the Home and Communities Agency (HCA) and, if it’s appropriate, the Developer Lender to obtain consent for the change.
NatWest says this latest move is as a result of the bank constantly assessing the market to make sure it is offering the best products. The thinking behind the new move is that it will enable people to take advantage of “really competitive” rates.
NatWest’s head of sales, Mark Bullard, says today’s launch offers “significant rate reductions across our core and semi exclusive range”.
Among the new NatWest’s Help to Buy Shared Equity remortgage products are some fixed-rate, two-year deals with rates that start at 1.85% for a 60% Loan-to-Value (LTV) deal.
The product fee is £995 plus 2.9% for the fee-free option. All the new Help to Buy Shared Equity remortgage products offer £500 cashback.
In addition, NatWest has introduced a choice of five-year Help to Buy Shared Equity remortgages that begin at 2.15% for 60% LTV and a £995 product fee or 3.49% for a 60% LTV deal with no fee. These five-year deals also come with the benefit of £500 cashback.
NatWest is also now offering a remortgage at 75% LTV with a rate of 1.59% and a £995 product fee for two years fixed.
NatWest’s new product range could be very helpful for a lot of people whose circumatances may have changed since they took out their existing deals.
The chance to remortgage with another lender offering a better deal could end up with you finding a cheaper deal that better suits your needs. Whatever your circumstances as a homeowner, remortgaging can be a tricky business. To help you navigate the maze we have a useful guide.
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