NatWest, RBS announce mortgage rate reductions

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NatWest, RBS announce mortgage rate reductions

NatWest and the Royal Bank of Scotland (RBS) are set to cut their Offset Flexible Mortgage products by 0.5 per cent, it has emerged.

The change is expected to take effect on November 3rd, following the rate reduction set out by the Bank of England's Monetary Policy Committee, which will be made on November 1st.

According to the banks, the mortgage rate reduction will apply to both new and existing customers at RBS and NatWest.

Yesterday (October 8th), it emerged that mortgage holders with Barclays and the Woolwich will also receive a 0.5 per cent rate cut on their base rate tracker mortgage.

New customers will be entitled to the reduced rates from October 9th, while existing customers with a base rate tracker mortgage will receive the discounted rate from November 1st.

"The base rate cut is a welcome move for millions set against the background of a slowing housing market," said Andy Gray, head of mortgages for the Woolwich.

"[The] move to reduce mortgage payments is good news and will instil confidence, helping customers with their finances," he added.ADNFCR-323-ID-18820187-ADNFCR

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