RBS mortgage rate

[Woolfie]

Despite their announcement that they would be reducing the mortgage rates in line with the Bank of Englands recent base rate change:-
"RBS said it would also pass on the full 1.5% cut on its own mortgages as well as those available through NatWest, which it owns. The two banks' SVRs will be cut to 5.19% from December 1."

When I called the RBS offset team they tell me no descision has been made and the announcement was only relevant to their standard variable mortgages and not trackers or offset or any other specialist products.

I wonder if this is the banks yet again trying to fleece their customers?

[Paule]

Re: RBS mortgage rate

I will ask Nattie, if he has any more info on this for you

[Happyolddog]

Re: RBS mortgage rate

Although it may seem unfair that the banks are not passing on the cuts to all members it is not wrong of them to do this. It is the risk we take when we choose which type of mortgage we get. I chose a five year fixed rate and will have to carry on paying the 5.5% whilst those on the SVR will get a better deal than me. It was a gamble I took to try and insure against a rates hike.

[Woolfie]

Re: RBS mortgage rate

Pity the banks cant give everyone a good deal rather than providing a huge array of mortgage produts which are i suspect designed to be confusing. As far as I know the rate on the offset mortgage is variable but i cannot be sure. I think it is time for far more transparancy where banks are concerned!!!

[scoobydoo]

Re: RBS mortgage rate

offsett can be variable or fixed. Mine was fixed 5 years and then tracker.

I agree there are too many confusing products .

[natweststaffmember]

Re: RBS mortgage rate

Despite their announcement that they would be reducing the mortgage rates in line with the Bank of Englands recent base rate change:-
"RBS said it would also pass on the full 1.5% cut on its own mortgages as well as those available through NatWest, which it owns. The two banks' SVRs will be cut to 5.19% from December 1."

When I called the RBS offset team they tell me no descision has been made and the announcement was only relevant to their standard variable mortgages and not trackers or offset or any other specialist products.

I wonder if this is the banks yet again trying to fleece their customers?

They are in the process of removing the offset product completely from the market. Not sure when it will happen or when people will be contacted with regards to contingency plans.