RBS &NatWest tweak standard mortgage rate

Monday, 09 February 2009 12:00

RBS and NatWest have cut their standard mortgage rates by 0.19 per cent.

The move, which follows the Bank of England's decision to cut interest rates to one per cent, means the banks' standard variable rate (SVR) is now four per cent.

Customers on tracker mortgages will benefit from the full 0.5 per cent rate cut, in line with the Bank of England's reduction.

Bank bosses said the 0.19 per cent cut was made in a bid to strike a balance between interests of both savers and borrowers.

Paul Geddes, chief executive of RBS retail banking, said: "Both NatWest and RBS SVRs continue to remain competitive in the market at four per cent.

"Our SVR has seen combined cuts of 3.19 per cent over the last five months and we continue to offer a suite of highly competitive fixed rate mortgages to the market."

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