NatWest joins Halifax, Nationwide, Barclays and Melton Mowbray Building Society in backing the £500m government scheme, which aims to help 10,000 first-time buyers in England over the next two years.
NatWest said it will offer borrowers a 75% LTV mortgage specifically designed for FirstBuy.
The remaining 25% will be made up of a 5% deposit from the borrower and 20% loan from the government and house builder.
More than 100 house builders are also taking part in the shared equity scheme.
Mark Bullard, head of sales at NatWest Intermediary Solutions, said: “I am really pleased that we are able to announce the continuation of our support for the government’s shared equity scheme programme as it underlines our commitment to helping people to purchase their first property.
“We have consistently supported the first-time buyer sector by lending at 90% LTV and accepting applications from previous shared equity schemes such as HomeBuy Direct and LIFT.
“In addition, we have a dedicated low-fee shared equity purchase mortgage in our core range that’s available to all intermediaries who have clients using the FirstBuy scheme.”
Ross Bowen, mortgage services director at Connells, said: “It’s great to see that NatWest Intermediary Solutions is continuing to commit much needed support to first-time buyers. We see a lot of clients up and down the country who are crying out for help to raise the necessary deposit. This scheme and those lenders that support it will make a difference to many of our first-time buyers.”
