RBS pulls out of 100 per cent

The lender will also reduce the maximum facility to value for The One account and Flexible mortgage option to 95 per cent.

Commenting on the decision, an RBS spokesperson said: "We regularly review our mortgage range against the market and in the light of recent competitor moves, we are withdrawing our mortgages with a loan to value greater than 95 per cent.

"We continue to offer a wide variety of competitive mortgages to both new and existing customers and, as always, we will continue to monitor the market going forward."

All fully packaged paper applications must be received by close of business on Tuesday 26 February - RBS will not accept faxes.

Brokers will be able to produce KFIs and submit online applications for existing products until midnight on Tuesday.

RBS added that supporting documentation for online applications on the withdrawn products must be received by its Birmingham Mortgage Centre by close of business on Tuesday 11 March.