RBS lowers rates

The initial rates on the RBS purchase and First Active remortgage five year fixed rate products are being reduced to 5.99 per cent from 6.35 per cent and 6.29 per cent respectively.

Launched under its RBS purchase brand, the two-year fixed rate mortgage will feature an initial rate of 6.49 per cent with no arrangement fee.

Chris Pearson, director of intermediary mortgages at RBS Intermediary Partners said: “Under current market conditions, many commentators are advocating the benefits of longer term deals. The lower rates on our 5 year fixed deals should, therefore, prove to be appealing to brokers.

“We also have a range of base rate tracker products for those who would prefer to follow the Bank of England rate, plus a selection of fixed rate products that offer brokers a choice of fees and initial rates.”