FSE 2013: Lenders looking to support Help to Buy
Whilst State owned Natwest has already confirmed its involvement Nationwide and Virgin Money have also confirmed that they were in the process of assessing the scheme with the intention of possibly launching products in the coming months.
However both Virgin Money and Nationwide said that no formal decision would be made until the government issues the final rules and regulations on the scheme.
Paul Kane of Natwest said: “At Natwest we are looking to bring a product to market as soon as possible. We are working very hard behind the scenes.”
Nationwide confirmed that discussions are on-going but stressed that no decision had yet been made about launching a product.
Ian Andrew, head of intermediary sales at Nationwide, said: “As a lender we already lend up to 95% loan to value.
“We will be looking at the documents once the government releases them but no decision has been made yet.”
Richard Tugwell, director of intermediary relationship managers, said: “We have an intention to look at potentially launching a Help to Buy product once we absorb the rules of the scheme.”
The government is expected to provide further guidelines on the second phase of Help to Buy in the next few weeks.