The Royal Bank of Scotland cuts mortgage rates

The Royal Bank of Scotland today announced that its Standard Variable Mortgage Rate will decrease by 0.25 per cent to 7.69 per cent.

The rate change is effective from 17 December for new customers and from 1 January 2008 for existing customers.

Interest rates on the RBS Offset Flexible Mortgage will also be cut by 0.25 per cent on 1 January 2008 for both new and existing customers. Any existing customers with an RBS mortgage that tracks the Bank of England Base Rate will benefit from the rate cut of 0.25 per cent from the same date.

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