Demand continues for NatWest and RBS Help to Buy mortgages

Demand continues for NatWest and RBS Help to Buy mortgages

Nine 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.

Since the scheme launched, up to end of June 2014, 10,966 full applications were received and 8,201 customers bought their home at an average price of £151,822.

3 in 4 purchases completed through the scheme continue to be first-time buyers and 8 in 10 are completed outside London and South East. The most help outside the South East is being offered in the North West and Scotland.

This is a summary of the key figures to date on the NatWest and RBS Help to Buy scheme: 

  • Almost 11,000 applications were received for mortgage guarantee scheme in first nine months
  • RBS and NatWest helped over 8,000 customers to buy their home through the scheme up to end of June 2014
  • Almost £1.2 billion has been offered through the scheme so far
  • 3 in 4 property purchases made by first time buyers
  • 8 in 10 property purchases outside London and South East.

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." 

Overall mortgage applications to NatWest and RBS have risen 38% in the first six months of 2014 versus the same period last year. Over 73,000 customers have taken a new mortgage or additional borrowing with NatWest and RBS in 2014 so far, including more than 18,000 first time buyers getting help to take that first step on to the property ladder. 

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