NatWest rates going up tomorrow (18 Oct)

K_S

NatWest have just now notified brokers that they're upping rates from tomorrow across new-business and existing-customer ranges.

With NatWest you can only secure a rate at full application so if you have any NatWest applications ready to go or are mulling over an NatWest recommendation, get in touch with your broker so they can try submit the full app before 10.30pm tonight. 

Please note that this only applies to intermediary (broker) products and may or may not be the same direct.

The new product guides can be seen here 
https://www.intermediary.natwest.com/intermediary-solutions/products.html

housebuyer143

Feels like they are kind of milking ol it for all they can. Why increase them when the economic outlook is looking much better than it was 3 weeks ago? 

I have seen a BTL lender actually reduce rates today taking them lower than the cheapest residential mortgage, very strange. 

It seems like they don't need the business and therefore they just keep charging loads and see who they can get to take them on. 

K_S

@housebuyer143 They probably kicked off the rate review process when it was chaos last week.

They were still close to top sourcing even yesterday at some LTVs for a couple of FTB clients and they're already saturated with business, are taking weeks for initial assessment, processing queries, etc. so are also probably aiming to throttle volumes. 

Plus, they're great on affordability for certain clients and income types so have a somewhat steady source of business there even if their rates aren't super competitive.

mi-key

Hmm, the lenders are already 3.75% above the interest rate ( which is a lot more than it was, increasing them more already does seem pretty greedy )

raf300

I would have thought there might be more stability in the mortgage rates after today. 

Are lenders trying to make tracker rates more attractive? 

IAMIAM

I always find this....
- Lenders increase rates to stop business coming through to clear bag log and improve service
- Lenders decrease rates in order to remain competitive. HSBC/Natwest are always at it. One minute they want to be top of tables the next they don't for a good couple of months. With Natwest being state owned...I sense they will always be competitive

ACG

I think TSBs is .9%, it makes natwests look mild. 

K_S

ACG said:

I think TSBs is .9%, it makes natwests look mild. 

Haven't seen TSB sourcing on page 1 for resi apps for a while now.

JMA74

K_S said:

ACG said:

I think TSBs is .9%, it makes natwests look mild. 

Haven't seen TSB sourcing on page 1 for resi apps for a while now.

Me neither and since they are only taking 1 day for document processing I'm surprised they arent opening themselves up a bit more.  Presumably clueless like the rest of us and dont want to commit to anything at the moment

ElwoodBlues

My theory is that the worse a lender is exposed to potential sub prime stuff, the less competitive their mortgage interest and savings rates will be. I wonder if the likes of tsb, Halifax and nationwide have a high proportion of high LTV mortgages on their books?