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RBS says it approves 90% of mortgage applicants

Royal Bank of Scotland chief executive Stephen Hester told MPs yesterday that the bank approves 90 per cent of mortgage applications.

Royal Bank of Scotland chief executive Stephen Hester told MPs yesterday that the bank approves 90 per cent of mortgage applications.

Speaking at a Treasury select committee session yesterday, Hester said at the moment RBS looks to set to “handsomely” exceed its target for mortgage lending this year.

He said: “The reason for that is that, although there is not a lot of demand for mortgage lending, a lot of people have disappeared from the market, and therefore we are stepping into the breach.”

He told the committee that despite the recession, people who want to borrow money from the bank are, in most cases, are able to.

He says: “I am adamant we have met our commitment. And if you are someone in search of a mortgage, nine out of ten times we will sell this to you.

“I think that is an appropriate statistic.”


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Ombudsman freezes levy and case fees

The Financial Ombudsman Service levy and the case fee for 2010/11 have been frozen at 2009/10 levels. The 2010/11 budget shows the industry levy will stay at £19.5m and case fees at £500. The average cost of handling a case is forecast at £587 for 2009/10 and is expected to fall to £540 in 2010/11. […]

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Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]


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