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The ice has not melted on my mortgage application

11.07.2001 (22.10.2001)

Still one of the few banks that have local branches .  Also long established staff .  Good choice of mortages etc .

none .

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5 Ciao members have rated this review on average: very helpful See ratings
very helpful by (100%):
  1. ariadne
  2. helencbradshaw
  3. Bastien
and 16 other members

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Edited bit- 22.10.01

Well, everything went through very smoothly. Money was in bank in time for my holidays in August. But the one thing I am so pleased about is since taking out the new mortgage, the rate has dropped 3 times and each time its been reflected in the following months payments. My payment is now about £28 less than it was quoted in June. Of course, I don't expect it to last long, no doubt it will start creeping up just as fast. But if I had stayed with the Halifax I would have been paying £240 per month for the next 12 months....what a difference it makes.

So anyone humming and ahhing about making the move to change mortgage providers, do it, you could be pleasantly surprised.


We are currently re-mortgaging with the Royal Bank of Scotland. This situation arose because of the lack of customer management at the Halifax.

To cut a long story short, we were with the Halifax, and thanks to their mortgage review, they have just lost our business, because they couldn’t explain why with their lower interest rates, we would be paying £15 a month more than we do now. I didn’t understand it either.

We knew something had to be done, as we have a potential problem also with our endowment in that there may be a shortfall when it matures in 17 years time, but that is a long way down the line.

Because we are customers of the Royal Bank of Scotland (RBS) and we also have a bad credit history (a CCJ), we have very limited options open to us. Apart from going to a mortgage broker specialising in problem applications, which charge expensive fees.

I have listed below some of the mortgage options available, I’m not very good at remembering or even understanding APR’s and mortgage rates but here goes. I shall check our info when I go home tonight and amend anything, I have got totally back to front.

The RBS are offering an assortment of mortgages:-

 A 6 month discounted mortgage at 4%, but the offer runs out at the end of July if my memory serves me right.

 A 12 month discounted mortgage at around 5.25%

 A 2 year discounted mortgage, which is around 6%. This is the one we’ve gone for.

 There is also a flexible type of mortgage (not sure of the correct title of it – but I think you’ll get my drift).

This flexible mortgage is designed for you to pay more money in if you can afford to do so and if you paid £50 a month extra you could save a few thousand pounds on your mortgage interest. It also included a 6 month mortgage break, ideal for any expectant families, could have done with that when I had one of my children. If you take the mortgage break you can only use it once during the term of the mortgage, and you wouldn’t be paying silly amounts back to catch up on your payments, Think it worked out about £20 a month extra on my mortgage.

The flexible mortgage is nothing in comparison to the home improvement type loans that kitchen companies and home improvement companies offer. That’s how we ended up with our CCJ – it was the type of loan where if you didn’t pay a lot more per month, you’d be paying £20 off the loan and the other £50 was extortionate interest. Anyway I digress.

Also the flexible rate mortgage is always guaranteed to be ¾% lower than the banks normal rate.

 The re-mortgage package is very good, it includes:-
- free survey
- free legal fees
- no arrangement fees
- The only fee payable that is included in the mortgage is the deeds sealing fee.

 If at the end of our 2 year discount, we want to move to a better mortgage available at the RBS, we can do so, with supposedly no fees involved.

 Customer service

What can I say, it has been excellent. Here’s the running order so far:-

- Saw the mortgage advisor, 19 June.

- Mortgage agreed in principle, the day after, no messing about providing statements etc, because our salaries and bills are all paid through the RBS anyway.

- Surveyor rang us Sunday, 24 June. Survey was done on Monday, I was poorly anyway so was there to let him in etc. Mad few hours Sunday evening, spring cleaning the place, no wonder I felt more yucky on Monday.

- Solicitors were instructed 2 July.

- Wrote straight away to us, we sent info requested to them on Friday 6 July.

- Part of their contract with the RBS is to complete all the legal bits and bobs within a month of being instructed.

- So all being well, should all be sorted by 2 August.

They get a big thumbs up from me. Thumbs down for the Halifax I’m afraid.

Anyone know a plumber, plasterer and decorator in the Manchester/Stockport area. That’s the next bit I need to sort out. We may be living in a building site for a few weeks, but all being well should have a nice shiny downstairs part of our house.

By the way this is the second attempt at writing this review, wrote it directly on Ciao the first time and it lost the lot!!!!

Bev – 11 July 2001

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Comments about this review »

helencbradshaw 23.10.2001 11:16

Excellent op, we are in the same boat, having suffered some extraordinarily bad service with the Halifax over recent months, I have a 12 month lock in though, before I can escape without penalty, will definitely give RBS a shot next year. Helen

Bastien 07.08.2001 17:38

As always: no disadvantages? Impossible!

RobinLawrie 07.08.2001 16:55

Excellent detailed opinion.....Robin

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This review of Royal Bank of Scotland Mortgages has been rated:

"very helpful" by (100%):

  1. ariadne
  2. helencbradshaw
  3. Bastien

and 16 other members

The overall rating of a review is different from a simple average of all individual ratings.

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