View more on these topics

RBS increases offset and One Account rates by 0.25%

Royal Bank of Scotland has increased rates by 0.25% for its offset mortgage and One Account customers.

The majority of customers affected by the move, which RBS estimates to be around 200,000, will now be paying a new rate of 4%, up from 3.75% previously.

Customers will have access to a range of alternative products if they feel they wish to switch products as a result of the decision.

RBS says it has had to contend with increased funding costs over the past year and can no longer absorb the cost.

A spokeswoman says: “Over the last year the cost of funds at which we need to borrow at to fund our mortgage commitments has risen considerably. We have absorbed the cost during this period but have now decided to pass on some of this increase, 0.25% to our Offset and TOA customers.”


Kent Reliance to accept a year’s self-employed accounts

Kent Reliance Building Society has ignited hopes of a return to competition in the self-employed sector after launching a mortgage for self-employed applicants with just one year’s accounts. The product is available only through BrightStar Financial and can be taken as interest-only or capital and interest repayment. The two-year discounted deal is available at 5.99% […]

Teamwork is the only way to go

Since buying a house is all about bringing together interlocking elements and agreements, the last thing anyone involved wants is extra complications. So as we work together to make the puzzle a piece, things like short-term rate pulls don’t fit

Kensington wants proof that clients’ repayment vehicles are performing

Kensington has written to a number of brokers asking them to provide evidence that certain clients’ repayment vehicles are on track to pay off their interest-only mortgage. The lender says it has picked a handful of brokers at random and has decided to carry out the exercise to help with its future decision making. Tom […]


News and expert analysis straight to your inbox

Sign up