About our Mortgages | Royal Bank of Scotland

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About our Mortgages


Finding the right mortgage deal isn't just about looking for the cheapest fees or finding the lowest rate of interest.

Find out more about our mortgage and repayment types below.


Royal Bank mortgages are available for over 18s

Your home or property may be repossessed if you
do not keep up repayments on your mortgage

Mortgage types

 

Fixed rate mortgages

With a fixed rate mortgage, the interest rate remains the same for a set period of time. This means that your mortgage payment would be the same amount every month during that period.

 

Benefits

 

Gives you certainty about your interest rate for a set period of time

Protection from interest rate rises for the fixed rate period

 

Risks

 

If variable rates decrease, you would not benefit from a reduction in your monthly repayment

If you wish to move lender, any move may involve paying early repayment charges

 

See our fixed rate mortgages

 

Tracker rate mortgages

A tracker mortgage is a type of variable rate mortgage where the interest rate tracks another rate such as the Bank of England Base Rate at a set margin above or below that rate.

 

Benefits

 

Rates can decrease in line with the rate that's being tracked

You may benefit from lower monthly costs compared to a fixed rate

 

Risks

 

Rates can increase at any time, meaning an increase in monthly payment

You are tied in to a deal, so any move away may mean paying early repayment charges

 

See our tracker rate mortgages

 

Offset mortgages

An offset mortgage gives you the opportunity to offset credit balances on your current and savings accounts against your mortgage balance. This would reduce the amount of interest you are charged, whilst maintaining your monthly Direct Debit amount so that you will in effect make regular overpayments on your mortgage.

 

Benefits

 

You can make unlimited overpayments and move lender without paying any early repayment charges

 It can be an efficient tax option for higher rate tax payers

 

Risks

 

Rates are variable and can increase at any time, meaning an increase in monthly payment

To benefit fully, you need to maintain significant balances in your linked savings or current account

 

Find out more about Offset

 

Repayment types

 

Capital and Interest repayment

With a fixed rate mortgage, the interest rate remains the same for a set period of time. This means that your mortgage payment would be the same amount every month during that period.

 

Benefits

 

Gives you certainty about your interest rate for a set period of time

Protection from interest rate rises for the fixed rate period

 

Risks

 

If variable rates decrease, you would not benefit from a reduction in your monthly repayment

If you wish to move lender, any move may involve paying early repayment charges

 

See our fixed rate mortgages

 

Interest Only repayment

A tracker mortgage is a type of variable rate mortgage where the interest rate tracks another rate such as the Bank of England Base Rate at a set margin above or below that rate.

 

Benefits

 

Rates can decrease in line with the rate that's being tracked

You may benefit from lower monthly costs compared to a fixed rate

 

Risks

 

Rates can increase at any time, meaning an increase in monthly payment

You are tied in to a deal, so any move away may mean paying early repayment charges

 

See our tracker rate mortgages

 

Important documents

 

General Information About our Mortgages

Please see the General Information document below for full information about Royal Bank of Scotland mortgages, from the types of mortgage we offer to the levels of service we provide. It's all here in one place.

 

General Information Document (PDF, 480KB)

Mortgage Account Charges

Please see the Account Charges document below for full information about all charges associated with a Royal Bank mortgage, from the cost of valuation fees to penalties involved in repaying your mortgage early.

 

Mortgage Account Charges (PDF, 149KB)

We're here to help

If you have any questions about getting a mortgage with us, please get in touch. You can chat online or by phone, or visit your local branch.

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