Demand continues for NatWest and RBS Help to Buy mortgages


Demand continues for NatWest and RBS Help to Buy mortgages

Six months into the 95% Help to Buy: mortgage guarantee scheme, NatWest and RBS were continuing to see strong demand from first-time buyers across the UK for help to secure a home.

Demand remains strong from first-time buyers across the UK

  • Over 6800 applications were received for mortgage guarantee scheme in first six months
  • RBS and NatWest helped over 2320 customers to buy their home up to March 2014
  • 3 in 4 property purchases made by first time buyers
  • 8 in 10 property purchases outside London and South East

Since the scheme launched, up to March 2014, over 6800 full applications were received and over 2320 customers bought their home at an average price of £154,308.

3 in 4 purchases completed through the scheme continue to be by first-time buyers and 8 in 10 are completed outside London and South East. NatWest and RBS are helping young singles and families (of an average age of 31) to get on the property ladder, for the first time, across the UK. 

Lloyd Cochrane, Head of Mortgages at NatWest and RBS said, "At RBS and NatWest, we are committed to helping our customers achieve their goals and get on with their lives. Buying a home is one of the biggest decisions we make in our lives and younger people often, whilst they can afford monthly mortgage repayments, need help to make that first step as they struggle to save for a large deposit. The Help to Buy: mortgage guarantee scheme means that they can get there earlier.

"In our wider mortgage lending book, we've recently hit a £100 billion milestone and we aim to continue with strong growth in our mortgage lending to homebuyers in 2014. We want to support as many customers as possible to buy their home as we play our role in the recovery and the future growth of the UK."

Extending figures up to mid April 2014, the bank has had over 9930 applications and helped customers complete over 4530 purchases through the mortgage guarantee scheme. 

In addition, the bank has helped almost 2000 customers through the first phase of the scheme, Help to Buy: shared equity.

Tagged

2014

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