NatWest and Royal Bank of Scotland (RBS) have launched a new mortgage product for home buyers with a deposit below 10%.
The launch comes as the UK government’s Help to Buy: Mortgage Guarantee scheme is about to close at the end of the year.
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The banking group said that the offering will be open to everyone eligible under the government’s scheme as well to those planning to buy a second home.
The new mortgage product, which opened to customers on 22 November 2016, is available to customers at the same rate as under the government scheme ranging from 3.69% to 4.59%.
The maximum home value will remain at £600,000, the bank said.
Lloyd Cochrane Head of Mortgages at NatWest and Royal Bank of Scotland commented: “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.”
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By GlobalDataThe government scheme was very popular with first-time buyers with four in five (79%) applications from customers making their first steps on the property ladder.
