NatWest and RBS confirm Help to Buy rates

Sam Cordon

October 8, 2013

Customers only need to find a 5% deposits to let them buy their first or next home as long as the value of the house is less than £600,000.

Ross McEwan, chief executive of RBS Group, said, “A home is the most important asset many of us will ever buy.

“For some people it doesn’t matter how much they save each month, that first step on the ladder, or that chance to move to a bigger home sometimes isn’t possible without a bit more help.

“That’s why we are taking part in the Help to Buy: mortgage guarantee. We want to help young people and families across Britain to get on with their lives, and make that next move.”

McEwan also confirmed that opening hours will be extended in over 740 branches across the UK (449 branches in England and Wales and 293 branches in Scotland) to help with customer demand.

The scheme is the first of its kind to offer help with a mortgage on a new build or an existing property right across the UK, up to 95% LTV.

RBS and NatWest aim to help 25,500 first time and next time buyers through the scheme over three years.

Lloyd Cochrane, head of mortgages at RBS and NatWest, said: “We’ve had lots of interest in Help to Buy: mortgage guarantee already, it’s clear that for many of our customers this scheme will make the difference and enable them to buy that next property.

“I bought my first home with a 95% mortgage, so I understand how hard it can be to save for a large deposit.

“This scheme will make that challenge to pull together a deposit a little bit easier. From today customers can visit any of our 2,000 branches or call us to find out how we can help them through the scheme.”

Funds are available to draw down as soon as a mortgage is approved. Homebuyers can call us to find out within 10 minutes how we can help through the scheme or visit any of our 2000 branches.

Sign up to our daily email