Offered through advisers and in branch, the loans will be available to first-time buyers and homemovers.
The product rates, available up to a maximum loan to value of 95%, include a two-year fixed rate at 5.19% with a £995 product fee. The lender said further product detail will be available in due course.
Stephen Noakes, mortgage director, said: “This scheme will help first time buyers and homemovers who can afford a mortgage but until now, have struggled to raise the necessary deposit. Through the scheme, these products will make mortgages more accessible – providing a genuine solution for those who have not been able to get on, or move up, the ladder”.
“We know that there will be strong demand for these rates, and expect to take applications for these products from Friday.”
The lender said these loans will complete within the usual timeframe and borrowers won’t have to wait until January to complete.
Products through the Help to Buy mortgage guarantee scheme will be available through Halifax, Bank of Scotland and mortgage brokers.
However, key detail for lenders on the capital relief and the fee payable for the government gurantee have still not been finalised.
Today, RBS has also launched two products, a two-year fixed rate product at 4.99% and a five-year fixed rate mortgage at 5.49%. Both are available fee-free up to 95% LTV and will be offered on all properties up to £600,000.
However, the Help to Buy offering will only be available in branch, not to brokers until later this year. The lender is undergoing a series of systems changes, targeted to complete by year-end.
Graham Felstead, head of intermediary mortgages, NatWest Intermediary Solutions, said: “With the original launch date having been pulled forward, we are working as quickly as we can to update our systems to accommodate the specific requirements of the scheme, which we expect to be completed by the end of the year.”
HSBC today also announced it would be offering Help to Buy mortgages through its branches later this year.
Click HERE for all today#s Help to Buy scheme coverage.
