NatWest and RBS have helped over 6,200 first-time buyers since the launch of the Help to Buy: mortgage guarantee scheme.
08 Oct 2014
NatWest and RBS have helped over 6,200 customers buy their first home since the launch of the Help to Buy: Mortgage Guarantee Scheme in October last year. The scheme, which guarantees 95% mortgages, has seen a further 2,000 RBS and NatWest customers buy their next homes since its launch in October last year.
The Help to Buy: Mortgage Guarantee scheme was set up to help customers who would struggle to save up a 10% house deposit. With first-time buyers making up 75% of all applications and 36% buying through the scheme aged between 26 and 30 years old it’s helping those who need it most. Proving the scheme isn’t just for Londoners, the scheme has been successful across the UK with 8 in 10 completions happening outside the Greater London area.
RBS and NatWest have lent almost £1.2bn in the first year of the scheme. Almost a quarter of applicants bought a house valued between £50k and £100k and a third bought a house worth between £100k to £150k. With the national average house price for a first-time buyer being £209,000 and £313,000 for existing owners, Help to Buy: mortgage guarantee is making a difference to those who were previously struggling to save for a 10% deposit. The average household income of applicants comes in at £47k.
Lloyd Cochrane, Head of Mortgages at RBS and NatWest, said: “We are really pleased that a year on from launching our Help to Buy range we have been able to help more than 8,000 customers buy their first home or their next home across the UK. That’s a huge event for each customer and we are delighted to be a part of that. We are very much open for business and keen to lend to more customers looking to buy their first or next home, or save money on their mortgage and get on with their lives. We actively support government schemes like Help to Buy and we’re pleased with its success as a way for young people to get on to the property ladder when they just need a little help with a larger deposit.”
Customers can find out more about the scheme through one of our branches, over the phone or on either of our RBS or NatWest websites. Over 18s only, Specific criteria apply to the Help to Buy: mortgage guarantee scheme and our 5% deposit mortgages available under the scheme.
We also provide a range of helpful tools to help people choose the right mortgage for them. Customers can search our mortgage rates, work out how much they can borrow and how future rate changes could affect their repayments.
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