RBS reduce mortgage rates

RBS have today announced a reduction in a number of their mortgage rates for those who apply via a broker. The reductions apply to a number of fixed rate products for those who are wishing to buy their home, and are accompanied by reductions in some fixed rate remortgage schemes offered by First Active who are part of the RBS Group. The new deals will be available for applications made from Thursday the 16th October onwards.

The new RBS schemes consist of a two year fixed rate at 5.95 per cent for those who wish to borrow up to 75 per cent of the value of their property, and a 6.79 per cent five year fixed rate for those wishing to borrow up to 90 per cent. Both schemes have an arrangement fee of £999 which can be added to the mortgage if required. There are early repayment charges payable for those who wish to remortgage away from the RBS within the period of the fixed rate.

Virtually the same deals at the same rates of interest are available to those who wish to remortgage away from their current lender and move their mortgage to First Active. The differences are that the five year fixed rate has a reduced arrangement fee of £699, and both schemes offer applicants the benefit of a free valuation and free legal service. In addition, the minimum loan for a remortgage is £10,000 as opposed to £25,000 when a property is being purchased, and participating brokers can only submit applications for the two year fixed remortgage rate via the First Active online system.

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