RBS and NatWest pass on full interest rate cut

RBS and NatWest have announced that its Standard Variable Rate mortgages will be cut by 0.50 per cent from 7.19 per cent to 6.69 per cent.

The reduction follows a review after the Bank of England's Monetary Policy Committee (MPC) decision to cut rates by 0.50%. The rate change is effective from 1 November 2008 for existing customers.

The RBS and NatWest Offset Flexible Mortgages will be cut by 0.50 per cent for new and existing customers from 3 November 2008.

Any existing customers with RBS and NatWest mortgages that track the Bank of England Base rate will benefit from a cut of 0.50 per cent from 1 November.