Applicants bid for Help to Buy mortgages

RBS and NatWest have taken 1075 applications in the first month of the Help to Buy mortgage guarantee scheme, with 124 of those in Scotland.

More than two-thirds of applications have come from first-time buyers and 95 percent have been from under-35s. The banks will go on to offer a total of £13.8 million in home loans to their Scottish customers if all of the applications are approved.

The majority of Scottish applicants are couples applying with a joint salary of under £50,000 and borrowing around £111,000. The average price of the home they want to buy is £117,619, the lowest average purchase price of anywhere in the UK.

UK-wide, most customers are looking to buy their first home (73 percent). If all 1075 applications are approved, the banks will go on to offer a total of £171.6 million in home loans. There has been a high number of teachers (75) and engineers (83) applying. If these go on to be approved, RBS and NatWest will offer to lend £23.3 million to this group alone.