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NatWest and RBS to lend on Help to Buy London

  • 29/01/2016
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NatWest and RBS to lend on Help to Buy London
NatWest and Royal Bank of Scotland (RBS) will extend its shared equity scheme to include Help to Buy London when it launches on 1 February.

The news follows shortly after Barclays announced today it would join the scheme, with Precise Mortgages and Leeds Building Society also confirming this week they would offer loans through the scheme.

The Help to Buy London scheme was announced in Osborne’s Autumn Statement last year in a bid address affordability issues faced by buyers in the capital.

It will allow buyers with a minimum 5% deposit to get an equity loan of up to 40% of the purchase price of a new-build home, as opposed to 20% in the rest of the country.

The maximum value allowed for a home bought with an equity loan is £600,000.

Lloyd Cochrane, head of mortgages at NatWest and RBS said: “With property prices continuing to rise, we understand how difficult it is for people to get on the London property ladder. The Help to Buy schemes have been a help to a great deal of customers facing the prospect of raising a large deposit, so this new scheme for London should open the way for more people to buy their dream home.”

Graham Felstead, head of NatWest Intermediary Solutions, added: “This is a great extension to a scheme which has already had a great impact on first-time buyers.”

The lenders will accept applications through the scheme from 1 February.

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