Since the launch of the Help to Buy: Mortgage Guarantee Scheme in October last year, NatWest and RBS have helped over 8,200 customers buy their own first or next homes.
First time buyers are making up three-quarters of all applications, with 36% buying through the scheme aged between 26 and 30 years old.
Meanwhile, eight in 10 completions are happening outside the Greater London area.
In total the bank has lent almost £1.2bn in the first year of the scheme. Almost a quarter of applicants bought a house valued between £50,000 and £100,000 and a third bought a house worth between £100,000 to £150,000.
With the national average house price for a first-time buyer being £209,000 and £313,000 for existing owners, Help to Buy: Mortgage Guarantee is making a difference to those who were previously struggling to save for a 10% deposit. The average household income of applicants comes in at £47,000.
Lloyd Cochrane, head of mortgages at RBS and NatWest, said: “We are really pleased that a year on from launching our Help to Buy range we have been able to help more than 8,000 customers buy their first home or their next home across the UK. That’s a huge event for each customer and we are delighted to be a part of that.
“We are very much open for business and keen to lend to more customers looking to buy their first or next home, or save money on their mortgage and get on with their lives. We actively support government schemes like Help to Buy and we’re pleased with its success as a way for young people to get on to the property ladder when they just need a little help with a larger deposit.”
Pictured: RBS customer Simon Logan and RBS Mortgage Advisor Graham Binnie at the West End Branch, Princes Street, Edinburgh cutting a birthday cake to celebrate the first birthday of the Help to Buy: Mortgage Guarantee Scheme.