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UK's 3rd largest lender

RBS lent just under £31bn in 2018. That's 11% of all mortgage lending.

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Borrow 4.45x your income

You could borrow up to this amount if you meet the lender's requirements.

About RBS

RBS is one of the UK’s largest mortgage lenders. 

They provided 11.4% of all mortgages in 2018, a total of £30.5 billion.¹

RBS offers mortgage deals to many people but often will not lend to you if you have bad credit.

In this review we'll cover:

Is RBS a good mortgage lender

We're looking at public complaints data to estimate RBS’s quality of service.

There were 2,257 complaints from RBS mortgage customers between July and December 2019.²

That’s around 0.13% of customers and is lower than the 1.06% average across major lenders.*

 RBS scorecard

  • RBS is a good mortgage lender for first time buyers

  • RBS does not offer 95% LTV mortgages

  • RBS offers Help to Buy mortgages

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long a RBS mortgage application takes

The average time it takes for our lenders to approve a mortgage application is 20 days.

However, you’ll need to contact RBS to find out about their application process and how long it could take. 

This is because RBS mortgages are not available through brokers.

This means that you will not be able to get an RBS mortgage through Trussle.

What affects the time taken to approve my application?

The time it takes for a lender to approve an application depends on your personal circumstances and how busy the lender is.

Some applications can be approved by the lender within 24 hours but others can take weeks or even months.

The quality of the application can affect the approval time. A mortgage broker can help by making sure your application has all the details the lender needs.

It’s worth keeping in mind that due to Covid lenders may take longer to review applications.

These details were last updated in July 2020.

How much you can borrow from RBS

RBS could lend you up to 4.45 times your salary.

How much you can borrow will also depend on your:

  • credit history

  • debts

  • deposit

  • regular expenses and bills

  • age

See how much you might be able to borrow with our mortgage calculator.

These details were last updated in July 2020.

RBS mortgage calculator

Calculate what mortgage you could borrow with RBS. Find out what your mortgage payments would be with RBS.

How much can I borrow?
Mortgage repayment calculator

Your home could be repossessed if you don't keep up repayments on your mortgage.

Talk to a mortgage broker or lender to get a more accurate remortgage savings amount.

You could borrow up to:

£000,000
Loan to value (LTV):00%
Including your deposit, you could afford a house price up to£000,000
Other fees you may have to pay:
Broker fee(free with Trussle)
Additional fees(learn more)

Next steps

If you're ready to get a mortgage, the next step is to answer a few more questions. Then a Trussle adviser will find the best mortgage deal for you.

Your home could be repossessed if you don't keep up repayments on your mortgage.

Talk to a mortgage broker or lender to get a more accurate remortgage savings amount.

Getting an RBS mortgage

You can only get an RBS mortgage directly from them, as they do not offer mortgages through brokers.

If you’re a first time buyer, check out our guide to find out how the process works.

A mortgage in principle (MIP) will show you how much you may be able to borrow for a mortgage.

You can get a MIP with RBS or through a broker.

How long your mortgage offer lasts depends on your circumstances. 

If you’re a first time buyer or buying a new-build, RBS will need you to complete your purchase within 6 months. 

If you’re remortgaging or moving to a home that is not a new-build, the offer will last 3 months.

RBS will release your mortgage funds on the day your purchase is completed, so you should be able to move in immediately.

You don’t need to let RBS know your intended completion day as your solicitor should take care of it for you.

Your completion day will need to be agreed with the person you’re buying the house from. This will usually happen after you’ve paid your deposit and signed all the relevant contracts.

You’ll switch over to RBS’s Standard Variable Rate (SVR) when your fixed rate period is over. 

With the SVR, your monthly payments and interest rate will no longer be fixed. Instead, they’ll vary according to how the mortgage market is performing and will often be higher than your initial period deal.

It’s a good idea to work out how much you’ll need to pay if you move over to the SVR.

RBS mortgage payments

RBS will send you a welcome letter telling you when you’ll need to make your first mortgage payment, as well as how much it will be.

You can ask to amend your first payment date over the phone or online. 

To request online, you’ll need your mortgage account number and the postcode of the property you are mortgaging.

You can make overpayments on any RBS mortgage. 

But whether you’ll have to pay a fee to do so depends on which mortgage product you have:

  • If you have a Standard Variable Rate mortgage, you can make unlimited overpayments with no charges.

  • If you have a fixed rate or a tracker mortgage, you’ll have to pay a fee if you overpay by more than 10% a year.

You can increase your regular monthly payments or make a one off lump overpayment. 

If you make a lump sum payment, RBS may reduce your monthly payments to keep the length of your mortgage term the same.

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Get a mortgage with Trussle today

  • Voted the UK's best mortgage broker

  • Advice in under 24 hours and a mortgage decision in 5 days, or we'll pay you £100 (terms and conditions apply)

  • 100% fee free advice

  • 5-star Trustpilot rating from over 4,400 reviews

  • 12,000 mortgage deals from 90 lenders

  • Skip the paperwork: apply online any time

  • Free mortgage monitoring: we'll tell you when it's time to remortgage

Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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Sources

Deal and rate data was sourced by Trussle. All other information was sourced from RBS' own website, unless referenced below.