RBS Mortgages

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Last updated on 17 February 2022.

RBS is a financial institution that offers a range of mortgage products to suit various needs.

To answer some of the most common queries, read on to learn more about RBS mortgages today.

RBS Mortgage Rates

Mortgage rates can vary depending on the type of RBS mortgage you choose.

RBS offer two main mortgage rates to consider:

  • fixed-rate mortgages
  • tracker mortgages

In addition to the two main options above, RBS will also offer a standard variable rate mortgage, which borrowers would switch to once the term of their fixed- or tracker rate mortgage ends. The standard variable rate mortgage is usually a more expensive option, and typically borrowers would remortgage to a new deal before switching to it.

Term lengths, your credit score and changes in the economy can all influence the rate you ultimately pay. For example, longer terms would mean that your monthly repayments may be lower but you will be paying interest for longer so will pay more overall, while some mortgages may charge higher rates due to poor credit.

Likewise, RBS mortgage rates may depend on the type of borrower you are; for example, a first-time buyer may expect different rates to someone buying an additional home to let.

RBS Mortgage Products

RBS offers mortgages for a variety of needs, ranging from people wishing to borrow to step on to the housing ladder for the first time to those wishing to remortgage.

Listed below are some examples of typical RBS mortgage types:

  • first-time-buyer
  • buy-to-let
  • remortgage
  • moving home

Which of these is more relevant to you will depend on your circumstance. The criteria for each of these products may also vary. For example, if you are buying to let, RBS will require your expected rental income to be at 125% of your monthly interest payments. Meanwhile, a first-time buyer may be approved for an RBS mortgage with as little as 5% deposit.

RBS Mortgage Application Process

The RBS mortgage application process follows the same basic pattern as many other lenders.

Listed below is a simple step-by-step guide to the process:

  • Get an Agreement in Principle – this allows you to see how much you can borrow.
  • Find a property within the price bracket the Agreement in Principle suggests.
  • Apply for a mortgage and await confirmation that your loan has been approved.

You will then need to work with a solicitor or licensed conveyancer, while the loan is processed and underwritten, and your property sale is completed. You can use NerdWallet’s mortgage comparison tool to find a deal that suits you. Always take into account your personal circumstances to make sure that the deal you find is the right choice for you.

RBS Mortgage Customer Service

RBS offers extensive customer services, especially to those wishing to enquire about mortgages.

For general mortgage queries, you can call RBS on 0800 056 3220 from Monday to Friday, between 8am and 6pm, and Saturday between 9am and 4pm.

For new mortgage application queries, call RBS on 0800 056 0567. Lines are open Monday to Friday 8am and 6pm, and Saturday to Sunday 9am to 4pm.

Opening hours for customer service will vary on bank holidays.

Alternatively, you can access a digital chatbot, Cora, to help answer mortgage-related queries by visiting the official RBS website.

RBS Mortgage FAQs

Who is RBS?

RBS, or the Royal Bank of Scotland, is operated by the Royal Bank of Scotland Group, together with NatWest.

Established in 1727, RBS branches are mainly located in Scotland, but also in larger towns and cities in England and Wales. RBS offers a wide range of banking services to business, private and public customers.

How does an RBS mortgage work?

Different mortgages work in different ways, but generally with an RBS mortgage you will make regular repayments including interest on a monthly basis.

A mortgage is considered a serious financial commitment, which you could be spending many years to repay. That’s why it’s important to make sure you have the best possible deal to suit your needs.

Like other lenders, RBS mortgages are available to UK borrowers who can pay a deposit. The amount of deposit needed will depend on your circumstance, and on the property you want to purchase. For example, a first-time buyer may only need a 5% deposit, while someone buying to let may need 25% or more.

What is RBS’s mortgage eligibility criteria?

RBS’s mortgage eligibility criteria will vary between products. However, as standard on a residential mortgage, you can expect the following criteria or proofs to apply:

  • You must be 18 years old or more.
  • You must have proof of your UK address.
  • You will need to provide proof of your income and employment.
  • You should be able to demonstrate affordability with your outgoing expenses.
  • You must have a strong enough credit score.

Individual RBS mortgage products may have additional eligibility criteria, so it is important to read up on the type of mortgage you are considering to confirm or increase your chances of success.

NerdWallet can help you find mortgage deals to meet your requirements through its handy mortgage comparison tool.

Does RBS have a mortgage app?

Yes. RBS has a free-to-download app for smartphone users, available on the App Store and Google Play.

The app allows RBS customers to view statements and their mortgage balance, make payments digitally, and contact RBS when required among other uses.

Does RBS offer mortgage holidays?

RBS does not currently offer mortgage holidays.

During the early months of the coronavirus pandemic, RBS offered a three-month mortgage holiday support scheme to aid mortgage customers who had been impacted negatively by Covid-19-related disruption.

While this mortgage holiday is now expired, RBS may be able to offer support in other ways, though there will be factors to consider for these options. Check the official website for more information about the support on offer.

Can you overpay on an RBS mortgage?

Yes. RBS mortgages can be overpaid in one of two ways: a lump sum or through regular overpayment on a monthly basis.

RBS offers an overpayment calculator to show how much you could save by taking this course of action.

Please note RBS may have overpayment limits depending on the mortgage product you hold, so always check the offer to avoid being charged.

Overpayment might not reduce the term length, but can reduce the overall balance to be paid. You can contact RBS if you are interested in trying to reduce the length of your lending term.

Can I apply for an RBS mortgage online?

You can get a mortgage agreement in principle on the RBS website before completing a full application online, in person at a branch, or over the phone. Whatever method you choose, you will need to provide detailed evidence of your salary, your outgoings and other financial commitments, such as credit agreements.

You will also need proof of identity and address and may need to send this material off with your application or take it into a branch for verification.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE