RBS cuts its SVR by 0.25 per cent

Royal Bank of Scotland (RBS) has announced that its Standard Variable Mortgage Rate will be cut by 0.25 per cent from 7.44 per cent to 7.19 per cent.

The reduction follows a review after the Bank of England's Monetary Policy Committee (MPC) decision to cut rates by 0.25%. The rate change is effective from 21 April 2008 for new customers and from 1 May 2008 for existing customers.

The RBS Offset Flexible Mortgage will be cut by 0.25 per cent for new and existing customers from 1 May 2008. Any existing customers with RBS mortgages that track the Bank of England Base rate will benefit from a cut of 0.25 per cent from the same date.