Prospective homeowners who take up the scheme will qualify for a Government loan of up to 40% of the property price - up to a maximum value of £600,000. Customers will need to provide a minimum 5% deposit.
Commenting on the launch of the Help to Buy London scheme, 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.”
Commenting further, Graham Felstead, Head of NatWest Intermediary Solutions said:
“We have been a long time supporter of the Government’s shared equity schemes and are happy to be able to inform brokers and their customers that we’ll be able to accept applications from London-based customers looking to buy their first home from February 1st. This is a great extension to a scheme which has already had a great impact on first time buyers.”