The Royal Bank of Scotland

The Royal Bank of Scotland started out in 1727 in Edinburgh. Today it is one of the leading financial service providers in the world and one of the oldest banks in the UK. It is now more than £9 billion worth, having 900 branches across the world. It includes in its assets a railway company.

After the takeover of National Westminster Bank in 2000, the Group has continued to grow its business around the globe and, in addition to its prominent UK presence, it has offices in Europe, the USA and Asia. By the end of 2002, it ranked as the second largest bank in Europe and the fifth largest in the world by market capitalisation.

In the UK the Royal Bank's branch network covers the nation. Its history is very much the history of banking in the British Isles over the past four centuries. The Royal Bank traces its roots back to the sixteenth century through the merger of more than 200 private and joint stock banks all of which comprise its past and present constituents.

The Royal Bank of Scotland is a well established and mature mortgage provider. They maintain their leadership as UK mortgage lenders by constantly revising, updating and changing their deals and products.

There are various types of RBS mortgages. They include the following ways of structuring your repayments:

• Fixed rates giving you certainty on your monthly repayments
• Discounted mortgages give you breathing space in the early mortgage years
• Flexible mortgages allow you to make over-payments or take payment holidays

There are numerous of Discounted and Fixed rate Royal Bank of Scotland mortgage products.

The main benefit of a Discounted mortgage is its low monthly repayments in early mortgage period, an advantage for first time buyers who want spare money to spend on their new home. After a set period the rate will be at the RBS standard variable interest rate.

Fixed rate mortgages are set at a specific rate for an agreed interval which gives you more security as you won't worry about interest rate increases. You can choose from 2 year and 5 year options.

The RBS Flexible Choice mortgage allows you take a payment break of up to 6 months once you have made 6 months worth of prior payments. Interest, however, will continue to be charged during this break. You can borrow extra money at the same rate as well. The mortgage rate is guaranteed to be lower than the RBS standard variable rate for the entire term of the mortgage.

An Offset Flexible mortgage means that you can use the money in your current account and up to three saving accounts to pay less interest on your mortgage. However, unless you're a big saver, offsetting isn't that remarkable. You can choose to make overpayments or make underpayments if you agree this with RBS first.

The RBS site is honest and fair at clarifying rates and fees, and banks don't offer the best savings rate in the first place, so make sure it's of real value before signing up.

Royal Bank of Scotland offers other mortgage services as well that include:

• First time buyer
• Re-mortgage Offers
• Buy to Let Loans

Existing customers can benefit that RBS also deal with Further Advances to them.

First Time Buyer Mortgages

• You can borrow up to 100% of your property value and there is no need for a deposit
• On completion of your mortgage you can get 0.5% cash back. Also get a free valuation, lowering your up-front costs allowing more room to spend on your new house
• Choose from Discounted or Standard mortgage rates for your monthly repayments

An early repayment fee may apply and also a higher lending charge. The minimum loan amount is £25,000

Re-mortgage Offers

• RBS offer free legal and valuation fees, lowering your initial costs
• They will even contact your current lender and arrange everything for you
• You can choose from a range of Fixed and Discounted rate options

An early repayment fee and an arrangement fee may apply (see product details).

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