NatWest and RBS see high demand for Help to Buy mortgages

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NatWest and RBS see high demand for Help to Buy mortgages

Five thousand mortgage appointments with NatWest and RBS mortgage advisors were booked within three hours of the Help to Buy mortgage guarantee scheme going live.

Economic Analysis

14 October 2013

The scheme, which is designed to aid aspiring home buyers with deposits of just 5% acquire a home, also attracted 10,000 telephone calls and 206,000 website hits in the first four days – far in excess of normal levels.

NatWest and RBS were the first to support the Help to Buy mortgage guarantee by launching a range of 95% loan to value ratio mortgage available only to those applying through the scheme.

Branches to open longer

Lloyd Cochrane, Head of Mortgages at NatWest and RBS, said: “Across the UK our mortgage advisers have been busy all week helping customers with a 5% deposit to work out if they can take that important first, or next step, on the property ladder.

“We expect demand for our 95% mortgages to continue, and with appointments for next week already filling up fast, from Tuesday over 740 of our branches will be open longer to make sure we continue to help as many customers as we can.”

Life changing

Kelly Holmshaw and her husband from Blackpool were among the first customers to sign up, and Kelly told Radio 4’s Money Box programme that the scheme was “life changing” for her family.

“We’re really excited, it’s going to give us that much more security. We’ve got a young son and we know that we’ve got a house in the catchment area of the school he wants to go to.

“We have rented before, and you only ever two months from the landlord telling you ‘I want the property back’ or ‘I want to put the rent up’. It’s life changing for us – we’ve wanted it for a really, really long time.”

Kelly told Money Box presenter Paul Lewis that she and her husband had paid more in rent than they would do for their monthly mortgage payments, and that the high rent had prevented then from saving up towards a bigger deposit.

Find out more about how Help to Buy works and the mortgages available by visiting: 

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