RBS cuts 0.19% off SVR mortgage rate

RBS &NatWest tweak standard mortgage rate

RBS and NatWest have cut their standard mortgage rates by 0.19 per cent.
NatWest and RBS cut standard mortgage rate by 0.25%

NatWest and the Royal Bank of Scotland (RBS) have slashed their standard variable rate (SVR) for savers and borrowers by 0.25 per cent.

Friday, 06 February 2009 06:22

Royal Bank of Scotland (RBS) has decided to cut its standard variable rate (SVR) by 0.19 per cent.

Following the Bank of England's 0.5 per cent interest rate cut yesterday a number of lenders cut their SVRs and tracker rates by the same amount - including Lloyds TSB, Skipton, Halifax and Nationwide.

However, RBS along with NatWest, is cutting its SVR from 4.19 per cent to four per cent.

The bank - which is set to be 70 per cent owned by the government after receiving £20 billion of investment from the taxpayer - cited the needs of savers for not making the full cut.

Paul Geddes, RBS retail banking chief executive, 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."

He added savings rates at RBS and NatWest would be cut on average by 0.19 per cent.