Royal Bank of Scotland and NatWest Mortgage Rate Update

Royal Bank of Scotland (RBS) and subsidiary NatWest have cut its Standard Variable Rate (SVR) by 0.75 percent to 4.44 percent from 5.19 percent, the changes will take effect from January 1 2009.

RBS reduced their SVR after last week’s base interest rate cut of 1 percent by the Bank of England Monetary Policy Committee.

If you have an existing Tracker mortgage with Royal Bank of Scotland and NatWest that is pegged to the Bank of England interest rate then you will benefit from the full 1 percent cut after RBS announced they would pass on the full rate cut late Friday.

If you hold a NatWest or RBS Offset mortgage then you will see a reduction of 0.75 percent taking your rate down to 4.20 percent. This will be effective from December 31.

If you hold a one account with NatWest you will benefit from a cut of 1 percent, with rates starting at 4.10 percent, this will be effective from December 31.

Source: easierDorm Daze 2 move