NatWest have announced the introduction of a new range of competitive fixed rate mortgage deals – and the good news is that they’re available to those who want to remortgage their house as well as those buying a new property.
Why choose a fixed rate mortgage?
Fixed rate mortgages could be a good choice for those who want the security of paying the same amount every month, then our fixed rate mortgage may be a good choice for you. Your interest rate is fixed for an agreed period of time, usually two, three or five years. At the end of your fixed rate period, your interest rate will usually go back to the Standard Variable Rate.
Rates fixed for 2 years
For those who are looking to remortgage, or to buy a new property, NatWest is offering a 2 year fixed rate of 1.74% and a fee of £1,995. This new 2 year deal is available to both new customers and those wishing to remortgage, with a loan to value (LTV) of 60%. After the initial rate ends, the APR reverts to 3.90% for remortgages and 4.00% for purchases.
Help for first time buyers
For first time buyers looking to get on the housing ladder, there’s the option of a 2 year fixed rate at 4.49%, fixed until 31st October 2015. After this date, the rate will revert to 4.0% (variable). This mortgage requires a relatively low 10% deposit – which can often be useful for first time buyers - and there’s no product fee to pay.
These fixed rate options are competitive in the current market, and could be of interest of interest to many prospective and current homeowners. As with any financial decision, we recommend that you seek independent financial advice before taking out a mortgage.