RBS and NatWest reduce its SVR

RBS and NatWest has announced that its Standard Variable Rate will be cut by 0.75% from 5.19 per cent to 4.44 per cent. The reduction follows a review after the Bank of England's Monetary Policy Committee (MPC) decision yesterday.

The rate change is effective from 1 January 2009.

The RBS and NatWest Offset mortgage will be reduced by 0.75% from 31 December with new rates from 4.20%.

Any existing customers with RBS and NatWest mortgages that track the Bank of England base rate will benefit from a cut of 1.00% from 1 January 2009. In addition, One Account customers will benefit from a cut of 1.00%, with rates starting at 4.10% from 31 December 2008.