Currently on our Standard Variable Rate mortgage?
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Your home may be repossessed if you do not keep up repayments on your mortgage
Bank of England Base Rate hasn't changed for 5 years
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it's easy to switch to a new deal with us...
You have more than £25,000 left to repay on your mortgage (customers who only have one
part to their mortgage) and more than 27 months until your mortgage is fully repaid
The parts/ subaccounts to your mortgage, eligible for renewal have more than £25,000 in total left to be repaid and there is more than 27 months until each of these parts is fully repaid
You have a residential mortgage - i.e. not Buy to Let
You have no more than 5 sub-accounts to your mortgage
Your Royal Bank of Scotland mortgage started after October 2004
If you are not eligible to sign in to view your deals you can still review Royal Bank of Scotland rates using our mortgage calculator.
To view your deals you will need your 8 digit mortgage account number.
You can find this on the summary page of your online or mobile app banking account, if you are registered, and on your annual mortgage statement.
You can choose your new deal(s) in branch, over the phone or online. We will send your paperwork and you will have up to 14 days to decide if you want to accept.
In branch or by phone - Advice service
One of our qualified mortgage advisers will talk to you and assess your needs and circumstances. The adviser will recommend a mortgage which we believe is suitable for you. In this service Royal Bank of Scotland are responsible for ensuring that the mortgage is suitable for you based on the information you provide.
Online - Execution only service
Execution only means that you choose the mortgage yourself, and we do not give you advice or assist you in making your choice. You should only use the Execution only service if you are confident that you are able to choose the right mortgage for your circumstances and are happy to take responsibility for your decisions.
Unlike our Advice service, you will not benefit from the protection of us assessing the suitability of the mortgage for you and we will not be responsible for your selection. Because of this we will not offer you compensation if your choice turns out to be inappropriate. We may be unable to offer Execution only if we consider it is more appropriate to provide you with advice.
As it's been a while since you last reviewed your mortgage, your circumstances and your property value may have changed. Here are things you can consider to help find the right mortgage for you in your present situation.
1. You can ask us to instruct a new valuation on your property if you feel it has increased in value, for instance you may have had an extension built.
If the valuation does come back higher, you may have increased options available to you, as your Loan-to-Value ratio may have improved. This may allow you to change to a better deal, release some equity or a combination of the two.
2. Use our helpful mortgage overpayment calculator to see the impact on your mortage if you make either a one-off or regular payment.
It is an ideal time to do it whilst you are currently on Standard Variable Rate and before arranging a new deal.
3. If you are planning to move house we can support you through that journey via a Mortgage Advisor.
4. You can manage your mortgage online
Request a one-off or regular overpayment, change your payment date or request a new valuation.
No credit score and legal fees
As you are an existing customer you do not have to go through a credit reference search. There are also no legal fees. If you re-mortgage to another lender you may need to go through this process.
No valuation required
When you are switching your existing mortgage to a new deal we do not require a new valuation. We will use the last valuation we have for your home.
If you think your house value has changed you may want to instruct a new valuation. If you would like to discuss arranging a new valuation you can do so by speaking with us on the telephone number below.
Increased Overpayment allowance
We will temporarily increase your annual overpayment allowance from 10% to 30% of your outstanding balance, for the 3.5 months preceding your mortgage deal end date, without you incurring an Early Repayment Charge. This could reduce your Loan to Value (LTV) and make you eligible for products in a lower LTV band, meaning you could secure a lower interest rate. To make an overpayment before renewing, please call us on the telephone number below.
We give you time to make up your mind
We will send your paperwork by e-mail (if you applied online) and will also always post this to you.
You will then have 14 days to decide if you want to accept. To do this you can simply return the paperwork in the post or if you applied by phone/in branch you can also call us.
I want to pay a lump sum into my mortgage before I renew deals
Paying a lump sum into your mortgage before you switch to a new deal could reduce your Loan to Value (LTV) making you eligible for products in a lower LTV band. This may allow you to secure a lower interest rate.
Overpayment restrictions do not apply if you are on a Standard Variable Rate. Depending on the terms for your current mortgage and if you are on a tracker or fixed rate deal, overpaying more than 10% of your outstanding balance in any one year may trigger an Early Repayment Charge. However, in the last 3.5 months before your mortgage deal end date, we will temporarily increase your annual overpayment allowance from 10% to 30% of your outstanding balance. If you are considering overpaying please speak to us.
If you are in a position that you would like to overpay on a regular basis you may want to discuss our Flexible Mortgages with a mortgage adviser.
What is a multiple part mortgage/sub-accounts?
If you have a mortgage made up of part capital & interest and part interest only, or you have taken additional borrowing since you first took your mortgage with us, then you will have a multiple part mortgage made up of your main account and a number of sub-accounts.
With a multiple part mortgage not all sub-accounts may be on the same deal. They may be on different terms, different repayment methods and / or different product types, depending on how you have set your mortgage up.
What happens when my deal comes to an end?
We'll normally write to you around three months before your mortgage deal ends. We'll remind you of your existing deal end date and explain how to go about finding a new deal.
If you do not take any further action to renew deal, you will simply revert to our Standard Variable Rate.
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