|
|
Article: RBS to offer current account mortgage
- Article from:
- The Sunday Telegraph London
- Article date:
- January 21, 2001
- Author:
CopyrightCopyright 2001 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
|
ROYAL Bank of Scotland is planning to launch its own branded
version of the Virgin One account, one of the first current account
mortgages.
RBS, which also owns NatWest, plans to launch the account this
summer. The move into current account mortgages comes more than
three years after Virgin One was launched as a 50/50 joint venture
between RBS and Virgin Direct.
As its name suggests, Virgin One's current account mortgage is a
home loan that also operates as a current account. Borrowers pay in
their salary each month and the money is used to offset the
outstanding mortgage balance.
Interest is calculated on a daily basis, while customers are also
given the choice to overpay or underpay. They ...