Mortgage cost of living support

Royal Bank of Scotland has signed up to the Mortgage Charter to support our mortgage customers. This means that we’re looking at ways we could help ease the financial pressure of increasing mortgage payments. 

What is our commitment?

If you have a residential mortgage with us and you're up to date with your mortgage repayments, there are two options available which could help reduce your current mortgage repayments in the short term:

1. Amend your current mortgage repayment type to interest only for six months.
2. Increase the term of your current mortgage with the ability to revert back to your original term within six months, if you wish.

You can only choose one of the above options, you won't need an affordability check and it won't affect your credit score.

• We have highly trained staff to provide you with personalised support if you are struggling financially.
• You won't have your home repossessed within 12 months from your first missed payment. 

When your 6-months interest only period ends, your monthly payments will increase as you will resume paying both the Capital and Interest elements of your mortgage. By increasing your term, the total amount of interest you pay back overall will increase. If you revert back to your original term within six months, your monthly payments will also increase. 

If you’re eligible to switch to a new deal, you may want to consider when you would like your cost of living support to start. You can chose a new rate, and time your chosen support option to start when your new rate starts, or chose to start your relief before your new rate starts. This will ensure that when you view the cost of living support options, you will be able to see how they impact your payments on your new mortgage rate. 

If you would like to see your options, sign into Manage your Mortgage.