NatWest Intermediary Solutions is launching two new 95% LTV purchase mortgages that will replace the current 95% LTV deals being offered as part of the Help to Buy: mortgage guarantee scheme, which is coming to a close at the end of the year.
The two new deals, which will be added to its core range, are:
- Two-year fixed rate purchase, 3.69% (APRC 3.8%, SVR 3.75%), £0 product fee
- Five-year fixed rate purchase, 4.59% (APRC 4.2%, SVR 3.75%), £0 product fee
These products are available to first-time buyers and existing home owners who are buying existing properties for residential purposes.
New Build properties cannot be purchased with these deals; NatWest has a specific range of deals to support those customers buying through the Help to Buy shared equity schemes.
The maximum property value is £600,000 and applicants must contribute at least a 5% deposit themselves. There is no limit on the amount of income an applicant can earn and repayment must be on a capital and interest basis only.
Mark Bullard, head of sales at NatWest Intermediary Solutions, said: “With the Help to Buy: mortgage guarantee scheme coming to an end on 31 December, we were keen to continue to support those customers who have a smaller deposit.
“We have launched these products now, before the scheme ended, to give brokers the certainty that they can carry on catering for those of their customers who are likely to want a higher LTV mortgage.”
All customers who have applied for a Help to Buy: mortgage guarantee scheme product with NatWest will continue to completion and no action is needed.