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Article: RBS equity product could cost consumers too much.
- Article from:
- Mortgage Strategy
- Article date:
- April 10, 2006
CopyrightCOPYRIGHT 2006 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE Royal Bank of Scotland Group's equity release product could cost consumers up to #49,000 more than the nearest comparable on the market, industry experts have warned.
RBS' announcement last week that it was launching a product sparked concerns that lending giants are using their muscle to promote products that aren't in the best interests of customers.
RBS' interest roll-up product has a rate of 6.79% and offers the bank's customers aged over 60 the choice of taking a lump sum at outset, a regular monthly amount or a mixture of the two. The application fee is #599. It is available via the RBS and NatWest brands.
Stuart Wilson, ...