Sixth months into the 95 per cent Help to Buy: mortgage guarantee scheme, NatWest and RBS continue to see strong demand from first-time buyers across the UK.
Since the scheme launched on 8 October 2013 and up to March 2014, more than 6,800 full applications were received and over 2,320 customers bought their home at an average price of £154,308.
Three in four purchases completed through the scheme continue to be by first-time buyers and eight in 10 are completed outside London and South East. NatWest and RBS are helping young singles and families to get on the property ladder, for the first time, across the UK. The average age of the borrowers is 31.
Lloyd Cochrane, head of mortgages at NatWest and RBS, said: “At RBS and NatWest, we are committed to helping our customers achieve their goals and get on with their lives. We want to support as many customers as possible to buy their home as we play our role in the recovery and the future growth of the UK.
“Buying a home is one of the biggest decisions we make in our lives and younger people often, whilst they can afford monthly mortgage repayments, need help to make that first step as they struggle to save for a large deposit. The Help to Buy: mortgage guarantee scheme means that they can get there earlier.
Extending figures up to mid April 2014, the bank has had over 9930 applications and helped customers complete over 4,530 purchases through the mortgage guarantee scheme.
In addition, the bank has helped almost 2,000 customers through the first phase of the scheme – Help to Buy: shared equity.
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