Natwest Intermediary Solutions has launched several new build products, along with rate reductions across its standard residential purchase mortgages.
For customers using the Help to Buy and other shared equity schemes, the bank is widening the range of deals available to include 60, 70 and 75 per cent loan-to-value products, with a choice of product fee or no product fee.
It is also broadening its proposition to allow customers to now contribute a personal deposit of more than 20 per cent of the purchase price and reducing rates on its 95 per cent LTV Help to Buy scheme deals.
Natwest head of sales Mark Bullard said the offers enable customers to put in a deposit of more than 20 per cent alongside the scheme’s maximum equity loan of 20 per cent of the purchase price - or a maximum of 40 per cent in London - giving them and their brokers much more flexibility.
“We have actively supported the government schemes for many years now and are fully committed to helping first-time buyers,” he added.
Within Natwest’s residential purchase range, rates have been reduced between seven and 41 basis points on its two-year fixed rate deals and between seven and 16 bps on its five-year fixed rate deals for 60 to 85 per cent LTV products.
Highlights include a two-year fixed rate at 70 per cent LTV priced at 1.84 per cent and a 75 per cent LTV two-year fix with a rate of 1.87 per cent, both with fees of £995.
However, rates on two-year residential purchase and remortgage tracker and buy-to-let tracker deals have increased by 20 basis points.
Daniel Bailey, principal of Derbyshire-based Middleton Finance, said this is welcome news to any buyers looking to buy a new build property or their first home.
“Has there ever been a better time to buy with rates being so low? Natwest are offering a number of options to applicants, mortgages with fees and without fees,” he stated.
“New build properties are still popular with first-time buyers and Natwest are offering a number of options to cater for new build purchases and first-time buyers.
“A reduction on the 95 per cent mortgage guarantee products is a highlight and good news for borrowers, as the deposit is still the biggest issue for first-time buyers.”
peter.walker@ft.com
