NatWest, Royal Bank of Scotland and Ulster Bank NI have announced their Standard Variable Rate (SVR) for mortgages will be reducing by 0.25% in line with the Bank of England base rate reduction, bringing the rate for customers from 4.00% down to 3.75%.
“We’re passing on the base rate cut in full to our valued mortgage customers on our standard variable rate. We have been the fastest growing large UK bank with net lending growth of over £20bn in the first half of the year – higher than any other bank. We’re open for business and ready to lend responsibly to homebuyers up and down the country”.
RBS has seen strong growth in gross new mortgage lending at £14.7 billion in the first half of the year, 62% more than the same period last year. The bank has mortgage advisers at 1000 branches and on the phone and aims to help more customers buy a new home or save money on their mortgage this year.