NatWest Intermediary Solutions is cutting the early repayment charges (ERCs) payable on its two and three-year fixed rate and 18 month and two-year tracker deals for purchase and remortgage, across its residential and buy-to-let intermediary range on 20 November.

It is introducing a new tiered system for its ERCs:

• 2 year fixed rate deals – the new standard ERCs will be 2% for year 1 and 1% for year 2. Previously it was 3% for years 1 and 2.
• 3 year fixed rate deals – the new standard ERCs will be 3% for year 1, 2% for year 2 and 1% for year 3. Previously, it was 3% for years 1, 2 and 3.
• 18 month and 2 year tracker deals – the new standard ERCs will be 1% for year 1 and 0.5% for year 2. Previously, it was 3% for years 1 and 2.

NatWest is also introducing a number of rate changes to its 60&-75% LTV deals in its intermediary core range. This includes cutting the rate on its 18-month 75% LTV tracker by 0.79 percentage points to 2.20%; reducing the rate on its 2 year fixed rate 75% LTV Help to Buy shared equity purchase deal by 0.30 percentage points to 2.85%; cutting 0.40 percentage points of its 2 year tracker 75% LTV deal to 2.75%; and shaving its 2 year fixed rate 60% LTV by 0.05 percentage points to 1.89%.

The residential purchase and remortgage fixed rate deals that are having their rates reduced are:

2 year fixed rate is decreasing to 1.89% from 1.94%, 60% LTV, £995 product fee
2 year fixed rate is decreasing to 2.05%% from 2.09%, 70% LTV, £995 product fee
2 year fixed rate is decreasing to 2.59% from 2.69%, 70% LTV, no product fee
2 year fixed rate is decreasing to 2.30% from 2.35%, 75% LTV, £995 product fee
2 year fixed rate is decreasing to 2.85% from 3.15%, 75% LTV, no product fee
2 year fixed rate Help to Buy shared equity is decreasing to 2.85% from 3.15%, 75% LTV, no product fee
3 year fixed rate is decreasing to 2.25% from 2.34%, 60% LTV, £995 product fee
3 year fixed rate is decreasing to 2.59% from 2.79%, 60% LTV, no product fee
3 year fixed rate is decreasing to 2.39% from 2.45%, 70% LTV, £995 product fee

It is also reducing rates on a number of its residential purchase and remortgage tracker deals:

18 month tracker is decreasing to 2.20% from 2.99%, 75% LTV, adding a £995 product fee
2 year tracker is decreasing to 1.79% from 1.94%, 60% LTV, £995 product fee
2 year tracker is decreasing to 2.39% from 2.49%, 60% LTV, no product fee
2 year tracker is decreasing to 2.49% from 2.69%, 70% LTV, no product fee
2 year tracker is decreasing to 2.75% from 3.15%, 75% LTV, no product fee

NatWest is also increasing rates on some of its 85% LTV residential deals and rates and fees on some of its buy-to-let mortgages.

Mark Bullard, head of sales, NatWest Intermediary Solutions said: “We have continued to look for improvements to our intermediary offering so I am delighted that we have been able to introduce lower ERCs. This good news coupled with the rate reductions we have made on a wide range of our lower LTV deals should continue to make a compelling proposition for intermediaries and their clients.”