RBS and NatWest cut mortgage rates

| April 30, 2008 | 0 Comments
RBS and NatWest cut mortgage rates

Royal Bank of Scotland (RBS) and its subsidiary, NatWest, have cut mortgage rates.

Both lenders have reduced the cost of new lending on their most popular deals, in an effort to increase market share.

From 1st May, interest rates on two-year and five-year fixed rate products will fall by between 0.10 and 0.30 percentage points.

Borrowers buying a new home can secure a five-year fix at a rate of 5.89%. Maximum loan-to-value (LTV) is 75% and a £999 fee is attached. For those remortgaging the rate is 6.09%; the LTV and fee remain the same.

Two-year fixes, with LTVs of 75% and 90% are being cut by 0.10%, to 5.79% and 6.09% respectively. For both the fee is £999.

In addition RBS has launched a First Home Saver Account for those saving for a deposit. The account can provide tax-free cashback of up to £5,000 for a standard rate tax payer who goes on to take out and RBS mortgage.

RBS is the UK’s sixth-largest mortgage lender but is currently increasing its market share, having recorded an 18% rise in lending this year.

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