NatWest Intermediaries and TSB will raise and lower interest rates from October 3, with brokers urged to submit existing applications before the deadlines.
NatWest Intermediaries is making a range of rate increases and reductions across its new business, existing customers and additional borrowing (ADBO) from 3 October.
Brokers will be able to create mortgage illustrations and place orders on existing products until 11:59pm on October 2. Applications must be submitted in full by the deadline. Otherwise, brokers will have to choose a product from the new NatWest range.
New Existing Customer and ADBO products will be available through the lender’s broker portal from October 3.
NatWest also directs brokers to its Income and Packaging Center for support in packaging situations.
The TSB is also making selected interest rate increases across the residential mortgage range on 3 October.
The lender has advised brokers to submit existing orders for the affected products by the end of October 2, as these products will no longer be available after this time.
Rates increase by 0.05 percentage points on two-year fixed home purchase products with up to 80% LTV and five-year fixed home purchase products with up to 90% LTV.
Rates for three-year fixed home purchase products will increase by up to 0.15 percentage points, while rates for two-year fixed remortgage products up to 75% LTV will increase by 0.05 percentage points.
TSB is also increasing interest rates on three- and five-year fixed remortgage products by up to 0.10 percentage points.
The lender said the new product guide will be available to download from its website on the afternoon of October 2.
TSB also reminded brokers that new construction lending is available at up to 95% LTV, or 85% LTV for flats and flats. Its Jumbo Loans team is available for loans over £750,000.
Average two- and five-year mortgage rates are about to reach 6%, according to the latest Moneyfacts rate watch.
