Royal Bank of Scotland is giving more people a chance to own their own home and move house by supporting the Government’s ‘Help to Buy: mortgage guarantee scheme’. The scheme is designed to unlock mortgages to more people as less deposit is required.
Under the scheme, RBS are offering mortgages with
a 5-10% deposit. So, if buyers have a small deposit
but can afford the repayments on a 90-95% Loan to
Value mortgage then this is a good option and will
help to re-ignite the property market.
To qualify, applicants will need a deposit of as little
as 5% and monies may allocated to existing
homeowners as well as first-time buyers, whether to
purchase a new build or an existing house. It is also
stipulated that the home purchase is no more than
£600,000, is the main residence and the
mortgagees do not have a share in another property.
It is hoped that by offering the Help to Buy: mortgage
guarantee many credit-worthy people who are
finding it difficult to get a mortgage today because of
the large deposits needed will be able to own their
own home.
Under the scheme, the Government offers mortgage lenders the option to purchase a guarantee on mortgages where a borrower has a deposit of between 5% and 20%.
Because of this support, RBS are able to offer more mortgages to borrowers with small deposits.
To find out more about the scheme visit: www.rbs.co.uk/helptobuy, call into your local RBS branch for more information or call 0800 529 8450
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