Royal Bank of Scotland announces changes to The One Account

Royal Bank of Scotland has announced today that they will be capping lending for their flexible mortgage The One Account at 90% loan to value (LTV), as well as capping all new interest only borrowing at 90% LTV.

These changes come into effect at midnight on Monday 19th May 2008.

Royal Bank of Scotland advised that any cases already submitted will be unaffected providing all supporting documents are received by June 3rd.

Whilst this change will undoubtedly effect those looking for mortgages above 90% of the property value, Royal bank of Scotland did emphasize that they still offer fixed rate mortgages up to 95% LTV for new business customers arranging their mortgage on a capital repayment basis, and that existing customers already borrowing above 90% LTV will be able to maintain their borrowing on an interest only basis.

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