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Our jargon buster is here to help you make sense of some of the terminology used in mortgages.
Loan to Value (LTV): The size of your loan compared to the value of your property. For example, if your home is valued at £100,000 and you have a mortgage of £80,000, your LTV is 80%.
Stamp Duty: A tax you have to pay if you buy a house worth £125,000 or more. The rate of Stamp Duty depends on the purchase price of the house.
Standard variable rate (SVR): The interest rate that you will pay at the end of any fixed/tracker period. The SVR of each lender is set by that lender and they can vary it at any time. This rate will normally change when the Bank of England’s base lending rate changes.
Tracker mortgage: A mortgage where the interest rate is linked to the Bank of England base rate. This rate is variable meaning that if interest rates fall, so do your repayments. However, your repayments will go up if interest rates increase.
Protection: A general term that can refer to different insurance policies normally associated with mortgages, such as redundancy and long term illness cover, or life insurance.
Award winning mortgages
You're in good hands
We wouldn't usually blow our own trumpet like that. But buying a house is a huge commitment. And choosing the right mortgage provider, whether it's your first mortgage, or you're renewing an existing deal, makes a big difference. RBS have been awarded ‘Best Mortgage Lender Scotland’ in the 2013/14 Your Mortgage Awards.
In addition RBS has won the ‘Best National Bank’ for the 3rd year in a row in the 2014 ‘What Mortgage’ awards.
Best Mortgage Lender Scotland
Best National Bank
Protecting your money
We are a member of the Financial Services Compensation Scheme (FSCS). The Scheme can pay compensation to customers if they are eligible and the Bank is unable to pay claims against it. Compensation limits for Mortgage advice and arranging (for business conducted on or after 31 October 2004) - maximum £50,000 i.e. 100% of first £50,000 per person