Royal Bank of Scotland Mortgages
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RBS Mortgages FAQ
What is RBS?
RBS, or the Royal Bank of Scotland, is operated by the Royal Bank of Scotland Group, together with NatWest and Ulster Bank. RBS has some 700 branches, which are mainly located in Scotland, but also in larger towns and cities in England and Wales. RBS offers a wide range of banking services to business, private and public customers.
Can I get a mortgage with RBS?
Yes, RBS offers mortgages to members of the public who are looking to buy their first home, move to a new house, borrow more money against their property or purchase a property as a buy-to-let investment.
What types of mortgages does RBS offer?
- Fixed-rate mortgages: RBS offers several fixed-rate mortgages, which enable borrowers to fix their interest rate for a set period of time. This gives borrowers certainty over what their payments will be each month for a set number of years. Once the fixed rate period is up, the mortgages revert to the Standard Variable Rate offered by RBS, which can fluctuate at any time.
- Tracker mortgages: RBS’s tracker mortgages charge interest rates that track the Bank of England Base Rate. This means that the amount of interest you pay on these mortgages can increase or decrease alongside the Base Rate. Sometimes the amount you pay could be less than with a fixed rate mortgage and sometimes it could be more.
- Offset mortgages: Borrowers with RBS can opt for an offset mortgage, which enables you to use the balance of your current and savings accounts with RBS to offset the amount of interest you pay on your mortgage balance.
Does RBS offer interest-only repayment plans?
Yes, you can opt to repay just the interest on your RBS mortgage if you meet certain criteria, which usually include borrowing at a lower loan-to-value etc. With an interest-only repayment mortgage you will still owe the entire mortgage amount at the end of the term, so you must have a plan in place for repaying the balance at the end of the term which is likely to be a condition of the mortgage contract and regularly check by the lender.
Does RBS offer tools for researching mortgages online?
Yes, the RBS website has several calculators that enable prospective borrowers to find out how much they could borrow, depending on their earnings and deposit amount. They can also look at which mortgages they might be offered and how much their monthly repayments are likely to be.
Can I apply for an RBS mortgage online?
You can get a mortgage agreement in principle on the RBS website before completing a full application online, in person at a branch, or over the phone. Whatever method you choose you will need to provide detailed evidence of your salary, your outgoings and other financial commitments, such as credit agreements.
You will also need proof of identity and address and may need to send this material off with your application or take it into a branch for verification.