RBS moves mortgage rates

The Royal Bank of Scotland today announced that its Standard Variable Mortgage Rate will increase by 0.25 per cent to 7.94 per cent.

The rate change is effective from 16 July 2007 for new customers and from 1st August 2007 for existing customers.

Interest rates on the RBS Offset Flexible Mortgage will increase by 0.25 per cent on 1st August 2007 for both new and existing customers. Any existing customers with an RBS mortgage that tracks the Bank of England Base Rate will be subject to an increase of 0.25 per cent from the same date.

The change in rates follows a review after the Bank of England’s Monetary Policy Committee (MPC) decision to increase rates by 0.25 per cent earlier this month.

The Royal Bank of Scotland confirmed that its savings rates would remain under review.