UK Money News
29th April 2008
RBS and NatWest cut mortgage rates
Two of the country's largest lenders have announced they are to cut repayment rates on selected mortgage products.
Royal Bank of Scotland (RBS) and NatWest will trim rates on their two-year and five-year fixes by between 0.10 per cent and 0.30 per cent.
The move comes as lenders have attracted increasing criticism for failing to cut their rates despite reductions to the key base rate of interest.
Paul Geddes, chief executive of consumer banking at RBS, said: "While 2008 has seen a shrinking mortgage market, we have actually increased the amount we have lent by 18 per cent and plan to continue this trend for the rest of the year.
"Today we are launching two initiatives to build on this - one to help borrowers looking for a new mortgage and the other for those saving for the deposit on their first home."
Under the terms of the new products, borrowers with a five year fix will pay a rate of 5.89 per cent.
Meanwhile, borrowers on a two-year fixed rate deal with 75 per cent loan to value will pay 5.79 per cent.
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