RBS & NatWest reduce SVR Mortgage by 0.25% not full 0.5%
Mar 06, 2009 | Comments 1
RBS (LON:RBS) and NatWest have announced that they are to reduce the rate of their SVR (Standard Variable Rate) mortgage by just 0.25%. This means that they will not pass on the full cut in the Bank of England’s base rate of 0.5%.
Paul Geddes, RBS Retail Banking Chief Executive, has said, “The continued downward trend to Bank of England base rate has had a significant impact on customer savings rates. It is more important than ever to consider both our savings and mortgage customers when determining any rate changes.”
Those customers who have a flexible mortgage with RBS and NatWest will benefit from the 0.25% rate cut from 1 March 2009. Those who are tied into a fixed rate mortgage will not benefit from the rate cut. Royal Bank of Scotland and NatWest have said that they will be maintaining the current interest rates for savings accounts.
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Filed Under: Mortgage News
The Nat West have only passed on 0.19% not 0.25% of the previous 2 interest rate cuts and are refusing to pass on anything from this latest March Rise.
They obviously need to rip of customers to pay Sir Freds Pension. The Government should have put provision into the loans that they pass on cuts not continue to abuse taxpayers and customers to fund poor performance.
I have been a customer of the bank for 35 years …I am going to change banks how can you have faith in an institution that has so little respect for their customers…
Currently their base rate for mortgages is 4%…which is 3.5% above base rate