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Lender says...

RBS Intermediary Partners has launched three new fixed rate products and raised the rates on some of its existing fixed rate range.

The new products include a five-year mortgage for purchase only. The product has a fixed rate of 6.69 per cent until 31 August 2013. There is an arrangement fee of £999 and the maximum loan-to-value is 90 per cent.

There are also two new remortgage products launched under the First Active brand. The first is a two-year fixed rate product at 6.84 per cent, available up to 90 per cent loan-to-value. The product has a £999 arrangement fee. The second is a five-year fixed rate at 6.69 per cent until 31 August 2013. The product is available up to 75 per cent LTV and has a £699 arrangement fee.

The early repayment charges on the two-year fixed rate products is 3 per cent during the fixed rate period, while the early repayment charges on the five-year product are 5 per cent in the first year, 4 per cent in the second, 3 per cent in the third, 2 per cent in the fourth and 1 per cent in the fifth.

Chris Pearson, director of intermediary mortgages for RBS, said: "Talking to our business partners, there seems to be a requirement for some longer term deals within the range so we have introduced a couple of competitively priced five year fixed rate products.

"We are also pleased to report that advisers can expect a much improved service from RBS Intermediary Partners following a period of strong focus in this critical area of the business.

"We have been able to inform mortgage advisers that it now only takes up to five working days, down from 10, for an underwriting decision to be given once we have received a fully packaged application."

Adviser says...

Ronan Marrion, a mortgage adviser for Truro-based Worldwide Financial Planning Limited, said: "The two products that are for remortgages up to 90 per cent LTV are fairly representative with what is going on in the market at the moment. While they would not be the most competitive they are not too far off the mark. The five-year fixed rate for mortgages up to 75 per cent LTV is some way more expensive than what else is available so I would not expect that there will be much demand for this particular product."

Rating: 3/5 stars