LONDON, November 13, 2013 /PRNewswire/ --
Have you always wanted to own your home but felt that you
couldn't afford the cost of the deposit?
There are thousands of people all over the UK who can afford to
repay a mortgage, yet have been unable buy a home because of the
challenge of saving for a large deposit. But thanks to the
Government's Help to Buy: mortgage guarantee scheme, that could be
about to change.
Officially launched on 8 October by the Prime Minister, NatWest
are proud to be the first UK bank to offer Help to Buy mortgages -
products available to first time, or next time buyers who can
afford to repay a mortgage, but who are struggling to save for a
large deposit.
Some people may be confused at the idea of this scheme being
'brand new' as the term 'Help to Buy' is already being used. So, to
clear this up, there are now two schemes; the first phase of Help
to Buy was launched in April for England and Wales, designed to help people with a 5%
deposit to buy a new property. Under phase one, a buyer
would put down a 5% deposit and the government would then give an
interest free loan for 20% repayable over five years. The buyer
would then continue to pay the rest as a mortgage like everyone
else. Phase one of Help to Buy is still available and referred to
by NatWest as the NewBuy Scheme.
The new, or second phase, of Help to Buy means that the
government is helping people across the whole of the UK to buy
any property, either new or existing. This time they help by
guaranteeing mortgage deposits of up to 15 per cent, meaning that
new buyers will only have to pay 5 per cent deposits on homes up to
the value of £600,000.
The scheme was initially going to be launched in January 2014 but has been brought forward by
three months and we are able to start lending straight away.
This means you can call into your nearest branch today or give
our mortgage team a call on 0800 096 9527 to arrange a meeting with
an adviser and take those first exciting steps towards home
ownership.
Our rates are also some of the most competitive on the
market:
2 year fixed rate - 5% deposit with no
product fee
- 4.99% fixed until 31/12/2015
- 4.0% variable thereafter
- 4.3% APR is the overall cost for comparison
- Early repayment charges apply until 31/12/2015
5 year fixed rate - 5% deposit with no
product fee
- 5.49% fixed until 31/12/2018
- 4.0% variable thereafter
- 4.8% APR is the overall cost for comparison
- Early repayment charges apply until 31/12/2018
And, if you are looking to buy a home in the London area, make sure to check out the London
Borough Tool, which compares everything from house prices and
council tax to crime rates and travel costs across all the
capital's boroughs.