The groundbreaking fees deal will allow intermediaries’ clients who have buy-to-let portfolios with another lender (outside RBS Intermediary Partners) to remortgage up to five properties with NatWest and only have to pay two arrangement fees. Customers will be able to take advantage of this deal for NatWest fixed and tracker remortgage deals that have no standard valuation and legal fees. Brokers have to submit their first application by 1 June 2007 to qualify for this deal and then have a three-month window (until 31 August 2007) in which to submit the remainder of their cases.
It has also launched a sub-5 per cent buy-to-let purchase mortgage with a high fee/low rate structure. The two-year discount buy-to-let mortgage offering an initial rate of 4.98 per cent (2.96 per cent below the SVR), with a £2,500 arrangement fee that can be added to the loan. The maximum loan-to-value (LTV) is 85 per cent, with an APR of 8.1 per cent and there is a 2 per cent early repayment charge during the initial period.
A spokesman for RBS Intermediary Partners commented: "Buy-to-let is one of the key areas we want to develop this year in the intermediary market, so we're continuing to make improvements to our product range. We believe that this product will prove to be very attractive to intermediaries as even with another base rate increase the rate will still be below the current base rate level.
“We recognise that in the buy-to-let market brokers are often dealing with multiple-property financing. That’s why I am delighted to be able to offer brokers such a pioneering ‘5-for-2’ deal. By not charging a fee for the third, fourth and fifth property to be remortgaged with NatWest we are providing intermediaries with a really valuable offer to use with their clients. I’m confident that they will welcome it.
“This new product and fee deal combined with the improvements we have already made this year to our buy-to-let portfolio is real evidence of our commitment to making NatWest one of the leading specialist lenders. Earlier this year we brought out some attractively priced online-only deals, enhanced our LTV limits and cut the rates on our range of products.”
