NatWest, one of the UK’s leading banks, has recently announced that it is increasing its residential and remortgage interest rates by up to 21 basis points. This move is likely to affect hundreds of thousands of customers across the country, as the bank is one of the largest lenders in the UK.
The increase in interest rates is likely to have a significant impact on those who are currently borrowing money from NatWest. The bank has said that the new rates will be applied to all new and existing residential mortgage customers, and will come into effect from the 1st of April 2021.
The increase in interest rates is likely to be a major blow for those who are already struggling with their finances. The increase could add hundreds of pounds to the cost of borrowing for many customers, and could make it even more difficult for them to keep up with their mortgage payments.
The move by NatWest is likely to be seen as a sign that the bank is expecting an increase in inflation over the coming months. By increasing its interest rates, NatWest is hoping to protect itself from any potential losses that may arise from an increase in inflation.
It is important for customers to be aware of the changes that NatWest has made to its interest rates. Those who are currently borrowing money from NatWest should take the time to review their current mortgage agreement and make sure that they are aware of any changes that may affect them.
The increase in interest rates by NatWest is likely to have a significant impact on many customers across the UK. It is important for those affected to take the time to review their current mortgage agreement and understand how this change may affect them. By doing so, they can ensure that they are able to keep up with their mortgage payments and avoid any potential financial difficulties.