Compare Royal Bank of Scotland mortgages
Make sure to familiarise yourself with all of the available types of mortgages before deciding which to apply for. Your exact borrowing needs and financial circumstances will determine what sort of mortgage deal is most appropriate for you.
First Time Buyer mortgages
As a first time buyer applying for a mortgage with Royal Bank of Scotland, you should be eligible to borrow as much as 95% of the market value of your first home. This is supported by the government’s Help to Buy scheme and the property you are seeking to buy should cost less than £600,000.
Buy to Let mortgages
To apply for a buy to let mortgage with RBS you must be aged between 18 and 70 and looking to borrow at least £25,000 over a minimum of 3 years. You will be able to borrow a maximum of 75% of the property’s market value or 65% if it is a new build property.
Remortgaging with the Royal Bank of Scotland
By switching your mortgage to RBS, you may be able to reduce your monthly payments. You may also be able to borrow more if you need extra funds for home improvements or other approved purposes. Remortgaging can allow you to get a better deal on your interest rates or increase your borrowing in an affordable way.
Second charge mortgages
Remortgaging is not always the cheapest way to increase your borrowing, especially if you already have a good deal on your mortgage. It can make more sense to take out a separate secured loan allowing you to borrow more against your property without disrupting your existing mortgage. This is known as a second charge mortgage.
Loan to value ratio
The loan to value (LTV) ratio on a mortgage is the percentage of a property’s market value you can borrow with that particular mortgage deal. So, if you are looking at a mortgage with an LTV of 70% with respect to a property worth £100,000, you should be able to borrow up to £70,000.
In most instances, you are likely to be offered a more competitive interest rate on mortgages with a lower LTV. You will need to fund the balance with an upfront deposit.
Find the best deals on mortgage rates
Our free mortgage calculator makes it easier and quicker to compare a whole range of different mortgage deals from across the market. That way, you can see which is likely to offer you the best value. To use the calculator, simply head to the top of the page and share some basic details, including how much you want to borrow and how long for. You will then be matched with appropriate deals from the industry’s top lenders making it simple and fast to compare the different mortgage products on offer.
How do I get a RBS Mortgage?
If you are not sure whether now is the right time to remortgage or whether you can get an interest only deal, then speak to our independent mortgage broker team who will be able to offer impartial advice.