You are here: Home - News -

RBS removes all trackers as Santander ups rates

by:
  • 25/03/2020
  • 0
RBS removes all trackers as Santander ups rates
The Royal Bank of Scotland (RBS) has withdrawn its entire range of tracker mortgages.

 

The bank, which includes NatWest and Ulster Bank, is the latest lender to withdraw this kind of mortgage.

It is following the likes of BM Solutions and Scottish Widows Bank, while Nationwide Building Society withdrew its trackers before relaunching the range yesterday.

Since the Bank of England cut the base rate to its historic low of 0.1 per cent amid the coronavirus pandemic, almost a third of tracker mortgages have been pulled from the market.

 

Santander

Santander has increased its tracker differentials by up to 0.30 per cent due to “current market conditions”.

It has also removed its 60 per cent loan to value (LTV) large loan two-year tracker at 1.74 per cent with a £2,499 fee.

Rate changes include the 60 per cent LTV two-year purchase and remortgage tracker, which has been increased by 0.25 per cent to 1.19 per cent. This product comes with a £999 fee.

The rate for its 85 per cent equivalent has risen 0.30 per cent to 1.49 per cent and the 90 per cent LTV equivalent has gone up by 0.20 per cent to 1.69 per cent.

The 75 per cent buy to let two-year tracker has gone from 1.04 per cent to 1.34 per cent and the 75 per cent LTV help to buy product has gone up 0.25 per cent to 1.39 per cent.

Mortgage Solutions has contacted both banks for comment.

 

There are 0 Comment(s)

You may also be interested in

Read previous post:
Update: Santander and Pepper join Halifax and NatWest in halting physical valuations

Santander and Pepper Money have joined Halifax and NatWest banks in pausing all physical property valuations while the country is...

Close