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'Scrooge' RBS hits homeowners with Christmas crackdown on borrowing

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Taxpayer-owned Royal Bank of Scotland has launched a Christmas crackdown on borrowing, snatching back tens of thousands of pounds from homeowners. Thousands of customers have received letters slashing the amount they are allowed to borrow on generous 'flexible' mortgages. Some borrowers say they will be forced to rein in Christmas spending, cancel holidays and put off home improvements because of the miserly step.

 

It could also hit many small business owners who were planning to use their spare borrowing to pay tax bills in the new year. Those affected all took out a flexible mortgage called Foundations. These were special deals available to loyal customers who held a current account. The mortgage works a bit like an overdraft. Customers were given a borrowing limit based on the value of their home, but they need not take all the money offered. They only pay interest on the money actually borrowed. Many took less money than they were offered but dipped into the mortgage when they needed extra cash, perhaps for an emergency, or to pay for a new car or home improvements.

 

Read more:

 

http://www.dailymail.co.uk/news/article-1233926/Scrooge-RBS-hits-homeowners-Christmas-crackdown-borrowing.html#ixzz0Z3zCf0UA


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well they cant lend anymore can they, I mean how are they going to be able to pay thier bonuses out, if they give the cash to the customers


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