Changes to RBS mortgage rates as bank launches ‘Switch’ facility

The Royal Bank of Scotland today announced that its Standard Variable Mortgage Rate would increase by 0.30 per cent to 7.44 per cent.

The rate change is effective from 1 February 2007 for existing customers. The RBS Offset Flexible Mortgage will also increase by 0.30 per cent to 6.20 per cent on the same date.

The change in rates follows a review after the Bank of England's Monetary Policy Committee (MPC) decision to increase rates earlier this month.

RBS offers a wide range of competitive mortgage deals. Our policy is to offer these same deals to new and existing customers alike. For increased flexibility from 26th January, any customer taking out a tracker rate is able to ‘switch’ to a fixed deal at any time, should they need to, without incurring an Early Repayment Charge.