Royal Bank of Scotland cuts fixed rates

The Royal Bank of Scotland has lowered the rates on its range of fixed rate mortgages including fee-free remortgage deals, as well as a fixed rate with no early repayment charge.

The mortgages are now available at up to 30 basis points less than the current range of fixed rates available to first-time buyers, movers, remortgagers and existing Royal Bank mortgage customers.

The range includes a two-year fixed rate until August 1 2005 at 3.85% for mortgages up to 95%LTV and 4.65% for 100% mortgages; a two-year fixed rate until August 1 2005 with no early repayment charge at 4.05% (up to 95%LTV) and 4.85% (100%LTV); and a five-year fixed rate until August 1 2008 at 4.35% (up to 95%LTV) and 4.95% (100% LTV).

The Royal Bank has also reduced its buy-to-let fixed rates, offering a buy-to-let two-year fixed rate at 4.65% and a buy-to-let five-year fixed rate at 4.95%

Jeremy Sutton, head of mortgage marketing, says: “These are some of the best fixed rate deals we have ever offered. They provide a great opportunity for existing as well as new customers to lock into a low rate, protecting themselves against potential increases in interest rates over the next couple of years or more.”