RBS mortgage lender review
A detailed review of one of the UK's best-known mortgage lenders
UK's 3rd largest lender
RBS lent just under £31bn in 2018. That's 11% of all mortgage lending.
Borrow 4.45x your income
You could borrow up to this amount if you meet the lender's requirements.
Royal Bank of Scotland (more commonly known as RBS) is a subsidiary of The Royal Bank of Scotland Group, one of the UK’s largest mortgage lenders, responsible for 11% of all mortgage lending in 2018 - that’s around £31 billion.(1)
Founded in 1727, RBS serves around 18.9 million customers across the globe.
We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed, and affordability.
In this review we'll cover:
Is RBS a good mortgage lender?
There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.
We looked at The Royal Bank of Scotland Group’s customer complaints record between July and December 2018. This includes customers of Coutts, NatWest, and Ulster Bank which are part of the group. During this period the Financial Conduct Authority (the financial regulator) received 1,310 officially upheld complaints from RBS mortgage customers.(2) That’s around 0.09% of customers and is lower than the 0.4% average across major lenders.*
*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 does an RBS mortgage application take?
If you decide to apply directly, an RBS mortgage adviser will be able to answer any questions you have about the application process, what’s involved, and how long it's likely to take.
During the last six months, the average speed that other lenders processed a Trussle customer’s successful mortgage application was 16 days.*
These details were last updated on 8th August 2019.
How much could I afford to borrow from RBS?
How much you can get for a mortgage will vary. But RBS could lend up to a maximum of 4.45 times income before tax, depending on your circumstances.
These details were last updated on 8th August 2019.
RBS's lowest mortgage rates
This information is currently unavailable for this lender. For RBS existing customer rates, contact the lender directly.
RBS's best mortgage deals
This information is currently unavailable for this lender.
Frequently asked questions (FAQs)
This information was last updated on 29th May 2019.
How long will I have before my mortgage offer expires?
The expiry on your RBS mortgage offer will vary depending on your circumstances. If you’re a first-time buyer, or if you’re buying a newly built property, it’s usually six months. If you’re moving home or remortgaging to RBS, it will be three months.
So if you’re a first time buyer, you should have six months to complete the purchase of your home from when your mortgage is formally approved.
When will RBS release my mortgage funds?
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 inform RBS of 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.
When will RBS require me to make my first mortgage payment?
You’ll find this out after your mortgage has been approved. 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.
Can I make overpayments to RBS?
Yes, 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%.
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.
What happens when my fixed-rate period ends?
You’ll switch over to RBS’ 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 usually a good idea to work out how much you’ll need to pay if you move over to the SVR. You can do so using RBS’ mortgage calculator.
Will I need life insurance if I choose RBS?
No, RBS don’t have any requirement for customers to get life insurance, or critical illness cover.
If you’re buying your first home with RBS, they’ll require you to have buildings insurance to cover damage to the property itself, plus any fixtures and fittings. Buildings insurance won’t cover what’s inside the house, though — for that you’ll need contents insurance.
Can I manage my RBS mortgage online?
You can view,manage and track the details of your RBS mortgage using the RBS online portal. Your RBS mortgage login is your surname, date of birth, your mortgage account number, and your property’s postcode.
Once you’ve logged in, you’ll be able to make overpayments, request to change your payment date, update your payment bank account, set up a direct debit, view your current balance, and more.
What is the RBS mortgage tracker?
The RBS Mortgage Application Tracker is a useful online tool that allows you to keep up to date with what stage you’re at in the mortgage application process.
To log in you’ll just need your Mortgage Reference number - an 8 digit number that can be found on your offer letter and in your confirmation email.
Does RBS offer buy-to-let mortgages?
Yes, but you can only apply for an RBS buy-to-let mortgage if you meet their criteria. For example, you’ll need a minimum deposit of 25% (or 35% for a new build property) and you need to be borrowing at least £25,000 over a minimum of three years.
Did RBS ever sell Payment Protection Insurance (PPI)?
Yes, RBS sold PPI to customers with mortgages, loans, and credit cards.
PPI is a type of insurance that covers you if you can’t make your repayments for a specific reason. For example, if an accident prevents you from earning money. The Financial Conduct Authority (FCA) has changed the rules on PPI, so if you’re a new mortgage customer, you won’t be sold PPI unless you specifically request it.
How do I contact RBS about a mortgage?
There are a few options available if you want to approach RBS directly to discuss mortgages.
Visit their website and speak to a member of the team on live chat.
RBS’ mortgage contact number is 0800 056 0567 - lines are open Mon-Fri 8am-8pm, Sat - Sun 9am-4pm, excluding public holidays.
Use the RBS Branch Location on their website to find your nearest branch.
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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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