NatWest and RBS customers can now apply for a 95 percent mortgage under a new scheme.
Customers will need to find only five percent deposits to let them buy their first home or their next home as long as the value of the house is less than £600,000.
The bank is offering a two-year fixed rate deal at 4.99 percent and a five-year fixed rate deal at 5.49 percent, based on 95 percent loan to value, through the Help to Buy mortgage guarantee.
Ross McEwan, RBS group CEO, said: “A home is the most important asset many of us will ever buy. For some people it doesn’t matter how much they save each month, that first step on the ladder, or that chance to move to a bigger home sometimes isn’t possible without a bit more help. That’s why we are taking part in the Help to Buy mortgage guarantee. We want to help young people and families across Britain to get on with their lives, and make that next move.”
The scheme is the first of its kind to offer help with a mortgage on a new-build or an existing property right across the UK.