NatWest and Royal Bank of Scotland commit to 95% mortgages
NatWest and Royal Bank of Scotland are launching a new mortgage product for home buyers with a deposit below 10%.
22 November 2016
The new mortgage product will be open to everyone eligible under the government scheme.
The government’s Help to Buy: Mortgage Guarantee finishes at the end of the year. NatWest and Royal Bank of Scotland were among the first providers to offer mortgages through the scheme and, following its success, are committed to continuing to help first-time buyers and those buying their next home.
The new mortgage product will be open to everyone eligible under the government scheme as well as those looking to buy a second home. The maximum home value remains at £600,000.
The government scheme was most popular with first-time buyers with four in five (79%) applications from customers making their first steps on the property ladder. On average a NatWest first-time buyer pays £216k for their home and Royal Bank of Scotland first-time buyer pays £137k.
Lloyd Cochrane, Head of Mortgages said:
“Buying your first home is a huge moment for our customers and we are committed to doing everything we can to help people realise that ambition.”
The rates available are the same as under the government scheme ranging from 3.69% to 4.59%. The new mortgage product is open to customers from 22 November 2016.
Disclaimer
Your home may be repossessed if you do not keep up repayments on your mortgage.
This is article is for media use only and is not a financial promotion.
Posted In
Related articles
NatWest, Royal Bank of Scotland and Ulster Bank NI have announced that customers can now use Android Pay across the UK’s 400,000 contactless payment terminals.
NatWest, Royal Bank of Scotland and Ulster Bank NI have announced their Standard Variable Rate (SVR) for mortgages will be reducing by 0.25% in line with the Bank of England base rate reduction, bringing the rate for customers from 4.00% down to 3.75%.
Latest news
The event explored today’s ‘always on’ world and the pressure Scots face as they struggle to balance life inside and outside of work.
Primary school children in Currie, Edinburgh put on their detective hats last week to learn more about fraud and scams thanks to the Royal Bank of Scotland MoneySense programme. Les Matheson, CEO of Personal Banking, tells us why it’s so important to financially educate young people.
New card features are being rolled out from today with all cards having a notch and raised dots.