RBS has been fined almost £15 million for failures in its mortgage sales
RBS has failed to deal with 30,000 mortgage sales properly between 2011 and March 2013
RBS bank has been fined. Again. This time it's for failing to sell mortgages properly. The regulator, the Financial Conduct Authority (FCA) checked how RBS was doing and found that only two of the 164 sales it checked were done properly. Two out of 164. That's about 1%. RBS has been fined almost £15 million and says it will contact 30,000 customers who may get compensation.
Understanding the different types of mortgage, your guide to fixed rate, tracker, discount, variable and capped mortgages.
What's the difference between a fixed and tracker rate? And what are the disadvantages of cashbacks?
One of the big decisions you have to make is what type of mortgage deal to take out. You may think you know the difference between a fixed rate and, for example, a tracker rate mortgage. But do you know how a discount rate works and how much difference there may be in lenders' standard variable rates? Read on to find out more...
If you’re looking for a mortgage broker, how do you pick a good one?
If you take out a mortgage, you can find one directly, talk to your bank or building society or get advice from a mortgage broker. When I remortgage, I tend to use a mortgage broker because I think a good one can get you a better mortgage deal (or the right one for you) and can sometimes save you money on things like life insurance. If you’re self employed or if you’re not a good credit risk, it’s definitely worth using a mortgage broker.