- First and next-time buyers offered 95% mortgages on new or existing homes
- 2 and 5 year fixed rate deals available at 4.99% or 5.49% with no fee
- 740 NatWest and RBS branches are extending opening hours for two week period to cope with expected demand
Customers will need to find only 5% deposits to let them buy their first home or their next home as long as the value of the house is less than £600,000.
From today, the bank is offering a 2-year fixed rate deal at 4.99% and a 5-year fixed rate deal at 5.49%, based on 95% loan to value, through the Help to Buy: mortgage guarantee.
Ross McEwan, RBS Group CEO, said, "A home is the most important asset many of us will ever buy. For some people it doesn’t matter how much they save each month, that first step on the ladder, or that chance to move to a bigger home sometimes isn’t possible without a bit more help. That’s why we are taking part in the Help to Buy: mortgage guarantee. We want to help young people and families across Britain to get on with their lives, and make that next move."
Opening hours will be extended in over 740 branches across the UK (449 branches in England and Wales and 293 branches in Scotland) to help with customer demand.
The scheme is the first of its kind to offer help with a mortgage on a new build or an existing property right across the UK, up to 95% LTV. RBS and NatWest aim to help 25,500 first time and next time buyers through the scheme over three years.
Lloyd Cochrane, Head of Mortgages at RBS and NatWest, said: "We’ve had lots of interest in Help to Buy: mortgage guarantee already, it’s clear that for many of our customers this scheme will make the difference and enable them to buy that next property. I bought my first home with a 95% mortgage, so I understand how hard it can be to save for a large deposit. This scheme will make that challenge to pull together a deposit a little bit easier. From today customers can visit any of our 2,000 branches or call us to find out how we can help them through the scheme."
Funds are available to draw down as soon as a mortgage is approved. Homebuyers can call us to find out within 10 minutes how we can help through the scheme or visit any of our 2000 branches.
Find out more about RBS and NatWest backing for Help to Buy mortgage guarantee.