NatWest launches Help to Buy and NewBuy
NatWest has introduced two Help to Buy shared equity mortgage deals – two-year fixed rate at 3.15% and a five-year fixed rate at 3.59%, both with no product fees.
The NewBuy scheme is available via those intermediaries that are on the selected panels of participating builders and developers.
NatWest is launching two specific mortgages to support the scheme – a two-year fixed rate at 4.49% and a five-year fixed rate at 4.79%, both with no product fees.
Maximum lending for Help to Buy is £600,000 with a £500,000 cap for NewBuy alongside a minimum deposit of of £25,000 for both schemes.
The lender is writing to all intermediaries who on the participating builders’ and developers’ selected panels to inform them that they can now submit applications using the NewBuy scheme, outlining the processes they need to follow.
Mark Bullard, head of sales, NatWest Intermediary Solutions said: “We have been an active supporter of previous shared equity schemes and have had products specifically designed for this sector. We have continued to support the first-time buyer market with the 90% laon to value (LTV) deals available in our range and criteria such as accepting gifted deposits and allowing multiple applicants.”
NatWest becomes the fourth brand to enter the Help to Buy market, following Woolwich, mortgages from Barclays, Lloyds and Halifax.